HF3768 Summary

• Requires structured settlement purchase companies to register with the Minnesota Secretary of State and provide a $50,000 surety bond, letter of credit, or cash bond before acquiring structured settlement payment rights effective January 1, 2023.

• Mandates transferees provide payees with detailed disclosures at least 10 days before signing a transfer agreement, including payment amounts, discounted present value, effective annual interest rate, and notice of rights to seek independent professional advice and cancel without penalty.

• Prohibits 13 deceptive practices including refusing to fund approved transfers, paying commissions to third parties for arranging transfers, coercing payees, solicitating prospective payees with check-like documents, and contacting payees outside reasonable hours.

• Requires court approval of all transfers based on express findings that transfers are in the payee's best interest, with consideration of payee age, dependence on structured settlement payments, dependent needs, prior transfers, and public benefits impact.

• Authorizes courts to appoint attorneys to independently assess whether transfers serve payee interests (discretionary), and requires mandatory appointment for transfers involving minors or payees with mental or cognitive impairment; violations subject to registration revocation, suspension, or injunction.