by John Darer CLU ChFC CSSC RSP CLTC
The structured settlement protection language in the Internal Revenue Code at IRC 5891 was borne out of the result of compromise. Members of both the primary and secondary market were engaged in those discussions which are an important part of structured settlement industry history
A Bill that has been filed in the state of Florida dealing with an amendment to the existing Structured Settlement Consumer Protection Act that has the structured settlmeent secondary market in "all hands on deck" mode. Some are fighting for their lives. Will any members of the primary market be at the table…not just the few that are involved in structured settlement originations?
Below is a link to the page outlining Florida HB 1251:
http://www.myfloridahouse.gov/Sections/Bills/billsdetail.aspx?BillId=52557&
On March 11, 2014, I interviewed attorney Eddie Stone of Edward Stone Law. Some of you may know him as the attorney who represents a number of ELNY victims. Eddie Stone is also a former general counsel of J.G. Wentworth who was involved in the early negotiations that led to IRC 5891. It was in this context that I framed the two part interview to get Eddie Stone's perspective on the structured settlement protection acts, then and now. We discuss the problems and vet possible solutions to the structured settlement secondary market's considerable problems. I encourage readers to watch these videos in their entirety, learn about what is going on, learn what has been going on and share these with others in the industry. Be informed! Be part of the solution! Be engaged. Now is the time!
John Darer Eddie Stone March 11, 2014 interview part 1
John Darer Eddie Stone March 11,2014 interview Part 2
Before bill can become law, it must pass through three committees in the Florida House and two committees in the Florida Senate.
- The first committee in the House is the Insurance & Banking Subcommittee, which meets on Wednesday, March 19, 2014.
- The next committee is the Government Operations Appropriations Subcommittee.
- The final committee the House is the Regulatory Affairs Committee.