House Republicans lead efforts to pass legislation reforming structured settlement sales

HouseGOP2016 General Assembly, Government Reform, Issues

RICHMOND, VA – Republicans in the Virginia House of Delegates are leading the effort to pass legislation reforming Virginia’s laws governing structured settlement sales. House Bill 52, introduced by Delegate Terry Kilgore (R-Scott), passed the House Committee on Commerce & Labor Tuesday.

The bill makes major reforms to Virginia’s laws on structured settlement sales, requiring that applications be filed in the circuit court of the county where the payee resides, requiring the payee to appear in person at the hearing except under extenuating circumstances, and requiring applications to include a list of all prior transfers. This legislation was introduced in November, a month before the Washington Post published its extensive investigation on structured settlements.

“This legislation makes necessary reforms to Virginia’s structured settlement laws,” said Commerce and Labor Committee Chair Terry G. Kilgore (R-Scott). “I filed this legislation last November, ahead of the extensive Washington Post investigation on structured settlement sales in Virginia. This bill will require greater diligence by purchasers, provide additional protections for settlement recipients and increase transparency in settlement applications so the Courts can make informed decisions about settlement sales.”

“Republicans are leading the effort to reform Virginia’s laws on structured settlement sales,” said House Speaker William J. Howell (R-Stafford). “This important reform bill increases Court oversight and protects consumers. I want to thank the members of the Commerce and Labor Committee for their leadership on this critical issue.”

Background: Delegate Terry Kilgore introduced HB52 on November 30, 2015. On December 28, 2015, the Washington Post published an extensive investigation into structured settlement sales in Virginia.