by Structured Settlement Watchdog®
Quote
” IRC 5891 Legalizes the structured settlement factoring” Society of Settlement Planners SSP Press Release 2-SSP Directors, March 2, 2003** as pulled from public sources on the Internet May 16,2006. Download ssp_hindert_factoring_322003_quick_topic.pdf
IRC 5891 “…legalizes structured settlement financing transactions”, Patrick Hindert, from a published interview with Richard B. Risk, Jr April 1, 2003.
“IRC 5891 DID NOT Make Factoring Legal Or Illegal!!!” December 9, 2007
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Quote “Every Assignment Company has a duty to inform every payee of new rights under section 5891″ Richard B. Risk, Jr., Risk Law Firm Tulsa , OK, March 2, 2003**, then as insurance agent and member Society of Settlement Planners
The Water Buffaloes or Oz? June 23, 2006
Begged Question: To what extent was the criticism of Allstate (doing what the SSP promoted in 2003), related to the “structured settlement factoring vig”?
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“Let’s police ourselves, we know what needs to be done”
“I am in favor of establishing new standards and best practices, SSP can take the leadership role”
Jack Meligan, Settlement Professionals, Inc. March 2, 2003**
“Membership in the Association shall be available (subject to the other provisions of these Bylaws) to any business organization or individual that (a) is engaged in activities that advance the Association’s mission, as set forth in Article I, Section 3; and (b) is not engaged, directly or through any related party, in other activities that are incompatible with such mission” NSSTA Bylaws December 12, 2007.
“The primary mission of the Association shall be to promote the establishment and preservation of structured settlements in order to provide long-term financial security to personal injury claimants and their families through periodic payment of compensation”. NSSTA Mission statement December 12, 2007
“The SSP professional member has a fiduciary duty to the claimant and is obligated to provide information and programs which are in the best interests of the injured person and their attorney. This is achieved by complete financial disclosure” Society of Settlement Planners website December 12, 2007
“Current business practices that are unfair and illegal under the new structured settlement laws”…”Failing to disclose commissions and profit sharing relationships with participating product and service providers”.. SSP Press Release 2-SSP Directors, March 2, 2003 as pulled from public sources on the Internet May 16,2006.
” We simply call for disclosure of relevant conflicts of interest such as undisclosed rebates that reduce the amount of the recovery, Richard B. Risk, Jr., Risk Law Firm Tulsa , OK, March 2, 2003**, then as insurance agent and member Society of Settlement Planners
WHERE IS THE POLICING? WHERE IS THE PUBLIC DISCLOSURE?
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