NC S655

Updates North Carolina's Structured Settlement Protection Act to align with the National Council of Insurance Legislators' most recent model state law, effective for transfer agreements entered into on or after October 1, 2024.

Requires structured settlement purchase companies to register with the Department of Insurance and maintain a $50,000 surety bond, letter of credit, or cash bond to protect payees.

Mandates transferees provide payees with detailed written disclosures at least 3 days before signing, including payment amounts, discounted present value, gross and net advance amounts, transfer expenses, and effective annual interest rates.

Establishes court approval requirements for all transfers, including findings that transfers are in payees' best interests, comply with rate caps (prime plus 5%), and fees do not exceed 2% of net advance amount.

Creates private rights of action allowing payees to recover actual damages up to $5,000 plus attorneys' fees for violations, and establishes prohibited practices including coercion, false advertising, and improper commission payments.