by Structured Settlement Watchdog®
The following appears on the web site of Maryland Structured Settlements located at http://www.structuredsettlementsmaryland.com at time of posting:
"If you sell your structured settlement to a third party that’s licensed, insured and bonded you get something that others, who sell to uninsured, unlicensed and non-bonded buyers don’t get. You get the security of knowing that if the buyer should go bankrupt you’ll still get your money.
Many states require a business to be covered with these important protections in place before they can do business in the state. This protects the consumer from potential financial harm. Doing business with a structured settlement buyer that isn’t licensed, insured or bonded is like playing Russian roulette with your money."
At the time of publication, the site labeled Maryland Structured Settlements is registered to Lake Park Florida structured settlementg factoring company Prosperity Partners, according to GoDaddy.com
Primary concerns with the structured settlement factoring industry are:
- the lack of licensing requirements,
- the absence of continuing education standards;
- and the general disregard for truth in advertising.
This is a prime example of those shady "cash now" schemes prowling the structured settlement payment rights world, where tort victims unknowingly become the main course on the hoodwink buffet.
It is possible that the reference is to being registered with the Secretary of State in each state whose residents you solicit for business. If any factoring company is operating in a state without registering with the secretary of state they deserve to be spanked HARD financially based on the dollar value of transactions concluded in the state, which can be easily determined by Court records.
Registering with the Secretary of State and getting professionally licensed are as different as night and day. But in the insurance game, you’ll need both if you want to keep the gravy train rolling!
I contacted an officer at one of the factoring companies to inquire if there was any new information about factoring company credentials that my research might have missed. Their response was, "If they're licensed, it's news to me. Not sure what licensing authority exists for this business. Maybe driver's licenses?" Enough said!
Holy misplaced metaphors!
When they say "doing business with a structured settlement buyer that isn’t licensed, insured or bonded is like playing Russian roulette with your money", is that some fancy way of saying that "money goes to your head"?
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