by Structured Settlement Watchdog
The Charleston Daily Mail story covered yesterday has been discovered to be partly inaccurate due to the fast moving nature of the bill. This author has highlighted the latest version of WV Bill HB 4613 which has passed the WV House and is now in the WV Senate. The blue highlights show the latest changes.
§46A-6H-3 Requirement of court approval for certain structured settlement transfers
(d) The court may appoint a guardian ad litem for the consumer in all cases and shall appoint a guardian ad litem in any case where the structured settlement payment rights belong to an infant, incompetent or ward of the court. The guardian ad litem shall review the requisite disclosures and make an independent inquiry to determine whether the proposed transfer is fair, reasonable and in the best interests of the consumer and any dependents of the consumer as well and determine if transfer has been attempted or accomplished before.
(f)(1) After a hearing or upon its own motion the court may approve the transfer if the court finds that the consumer has clearly demonstrated that (A) he or she, or his or her family is facing a financial hardship that the transfer would alleviate and that the transfer would not subject the consumer or the consumer's family to undue financial hardship in the future; or (B) the transfer is in the best interest of the consumer. Provided that the judge shall inquire of the guardian ad litem and the transferee as to the possible adverse tax consequences to the consumer and inform the consumer of the result of said inquiry
(g) The court shall award the guardian ad litem reasonable fees for representing consumer. Attorney fees and costs shall be paid by the transferee
(h) A consumer may request court approval for a transfer that does not mandate court approval under this section. Such voluntary petition by the consumer shall the become subject to the provisions of this section. The transferee shall be responsible for filing the action pursuant to subsection (b) of this section and shall be responsible for attorney's fees or guardian ad litem fees
So in its present form, if passed, the bill clearly gives the judge has the power to appoint a guardian ad litem, even to mandate one on certain cases. The fees would be the responsibility of the transferee (purchaser).
Complete tracking of bill in its present form click here
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