MS HB1189

Requires transferees to provide payees a disclosure statement in bold, 14-point font at least 3 days before signing a transfer agreement for structured settlement payments.

Disclosure must include amounts and due dates of payments, aggregate amount, discounted present value using federal annuity valuation standards, and the applicable federal rate used.

Disclosure must itemize all transfer expenses (excluding attorney's fees), provide gross and net advance amounts, and describe any penalties for breach of the transfer agreement.

Adds new requirement that disclosure must list each court proceeding where the payee previously requested a transfer, including court name, case number, and procedural history of those proceedings.

Becomes effective July 1, 2014.