78B-6-1503 - Required disclosures to payee. - Utah Statutes

78B-6-1503. Required disclosures to payee.
Not less than three days prior to the date on which a payee signs a transfer agreement, thetransferee shall provide to the payee a separate disclosure statement, in bold type no smaller than14 point, setting forth:
(1) the amounts and due dates of the structured settlement payments to be transferred;
(2) the aggregate amount of the payments;
(3) the discounted present value of the payments to be transferred, which shall beidentified as the "calculation of current value of the transferred structured settlement paymentsunder federal standards for valuing annuities," and the amount of the Applicable Federal Rateused in calculating the discounted present value;
(4) the gross advance amount;
(5) an itemized listing of all applicable transfer expenses, other than attorney fees andrelated disbursements payable in connection with the transferee's application for approval of thetransfer, and the transferee's best estimate of the amount of any of the fees and disbursements;
(6) the net advance amount;
(7) the amount of any penalties or liquidated damages payable by the payee in the eventof any breach of the transfer agreement by the payee; and
(8) a statement that the payee has the right to cancel the transfer agreement, withoutpenalty or further obligation, not later than the third business day after the date the agreement issigned by the payee.

Renumbered and Amended by Chapter 3, 2008 General Session