Amended House Bill 223 Summary

• Allows fiduciaries to deposit nominal trust and estate funds in attorneys' interest-bearing trust accounts (IOLTAs) with probate court approval, rather than requiring deposit in separate depository accounts.

• Restructures disclosure requirements for structured settlement payment transfers, requiring 10-day advance notice with specific financial information including discounted present value, gross advance amount, transfer expenses, and effective annual interest rate in 14-point boldface type.

• Requires court approval of structured settlement transfers based on findings that the transfer is in the payee's best interest, the payee received independent professional advice or waived it, and the transfer complies with applicable law.

• Establishes liability for transferees to reimburse structured settlement obligors and annuity issuers for taxes and other costs arising from transfers that violate settlement terms, and protects obligors/issuers from liability when following court-approved transfer orders.

• Designates violations of structured settlement transfer requirements as unfair or deceptive practices under Ohio consumer protection law, and applies amendments to transfer agreements entered into on or after the effective date.