§ 27-9.3-3 - Required disclosures to payee. - Rhode Island Statutes

SECTION 27-9.3-3

   § 27-9.3-3  Required disclosures to payee.– Not less than three (3) days prior to the date on which a payee signs atransfer agreement, the transferee shall provide to the payee a separatedisclosure statement, in bold type no smaller than fourteen (14) points,setting forth:

   (1) The amounts and due dates of the structured settlementpayments to be transferred;

   (2) The aggregate amount of these payments;

   (3) The discounted present value of the payments to betransferred, which shall be identified as the "calculation of current value ofthe transferred structured settlement payments under federal standards forvaluing annuities," and the amount of the applicable federal rate used incalculating the discounted present value;

   (4) The gross advance amount;

   (5) An itemized listing of all applicable transfer expenses,other than attorneys' fees and related disbursements payable in connection withthe transferee's application for approval of the transfer, and the transferee'sbest estimate of the amount of the fees and disbursements;

   (6) The net advance amount;

   (7) The amount of any penalties or liquidated damages payableby the payee in the event of any breach of the transfer agreement by the payee;and

   (8) A statement that the payee has the right to cancel thetransfer agreement, without penalty or further obligation, not later than thethird (3rd) business day after the date the agreement is signed by the payee.