CS/CS/HB 379 Summary

• Amends Florida law governing transfers of structured settlement payment rights to require court approval based on written findings that transfers comply with the law and serve the payee's best interests.

• Requires transferees to provide payees with detailed disclosure statements (in bold, 14-point minimum font) at least 10 days before the payee incurs any obligation, specifying payment amounts, present values, fees, interest rates, and penalties.

• Mandates court hearings where the payee must appear in person unless the court excuses the payee for good cause, and establishes a 15-day deadline for written responses to transfer applications (reduced from 20 days).

• Protects payees by making provisions non-waivable and preventing penalties if a transfer fails conditions; makes transferees solely responsible for compliance while releasing structured settlement obligors and annuity issuers from liability after court approval.

• Provides remedies for violations: payees can recover refunds, penalties up to three times the discount and finance charges, and reasonable attorney's fees if transferees violate discount/finance charge or disclosure requirements.