by John Darer® CLU ChFC MSSC RSP CLTC
A transferee or other person in the business of soliciting or purchasing future payments should be required to file a registration statement with the secretary of state before advertising or arranging transfers of consumer’s future payment rights in EVERY state that it solicits structured settlement annuitants.
In some corners of the structured settlement secondary market, there is a perception of smoke and mirrors that should be eliminated. There is an extensive use of aliases and fake identities, outrageous false claims of academic credentials. fake LinkedIn profiles, businesses operating out of boxes in a UPS store, overseas IP addresses, press releases in names of a website, spam web comments, spam SEO positive and negative that misleads consumers and manufactured complaints against competitors. American consumers and investors need to be protected. There is a major gap in even simple registration.
West Virginia is one of a few states whose laws specifically require Registration of Purchasers of Future Payments (Why is that?)
WV §46A-6H-8. Registration with the secretary of state.
(a) A transferee or other person in the business of soliciting or purchasing future payments shall file a registration statement with the secretary of state before advertising or arranging transfers of consumer’s future payment rights in this state.
- Name and address of the Transferee
- The name and address of the Transferee’s agent for service of process, if any
- The Transferee must attest:
- There is no prior or pending litigation relating to the operations of the transferee OR
- If there are prior alleged violations of the article’s provisions or consumer complaints filed with the West Virginia Attorney General’s office that allege violations of the article’s provisions and attached is full disclosure of those attached violations.
- The Transfer agrees that “by signing the registration the transferee also agrees to update the statement within thirty (30) days after a change of information occurs.
- The company’s primary contact must sign, date and indicate a contact phone nunmber and email address.
OBSERVATION
- There is a company with a big internet presence. that is a member of NASP, that is conspicuous by its absence. Perhaps they do no business in West Virginia. But they are also not registered in Connecticut either.
- There are many companies that are not members in NASP that are also not registered in WV, not to mention any of the website URLs “masquerading as companies”
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