59.1-475.1 - Required disclosures to payee.
§ 59.1-475.1. Required disclosures to payee.
Not less than three days prior to the date on which a payee signs a transferagreement, the transferee shall provide to the payee a separate disclosurestatement, in bold type no smaller than fourteen points, setting forth:
1. The amounts and due dates of the structured settlement payments to betransferred;
2. The aggregate amount of such payments;
3. The discounted present value of the payments to be transferred, whichshall be identified as the "calculation of current value of the transferredstructured settlement payments under federal standards for valuingannuities," and the amount of the Applicable Federal Rate used incalculating such discounted present value;
4. The gross advance amount;
5. An itemized listing of all applicable transfer expenses, other thanattorneys' fees and related disbursements payable in connection with thetransferee's application for approval of the transfer, and the transferee'sbest estimate of the amount of any such fees and disbursements;
6. The net advance amount;
7. The amount of any penalties or liquidated damages payable by the payee inthe event of any breach of the transfer agreement by the payee; and
8. A statement that the payee has the right to cancel the transfer agreement,without penalty or further obligation, not later than the third business dayafter the date the agreement is signed by the payee.
(2001, c. 537.)