Must Have IPA , independent professional advisor; States

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Must Have IPA , independent professional advisor; States

Must Have IPA , independent professional advisor ; States

Alaska Eff.
Date: 08/12/2003
Alaska Code § 09.60.200 & § .09.60.23 Disclosure of Key Terms to payee required. [ 1 ] Payee must receive independent professional advice regarding implications of the transfer
Delaware Eff.
Date: 07/26/2000
Delaware Code, title 10, § 6601 & § 6602 Payee must receive independent financial advice.
Florida Eff.
Date: 10/01/2001
Florida Statute § 626.99296 Payee must receive independent financial advice. Cannot factor structured settlements of claims for workers comp. benefits.
Maine Eff.
Date: 09/18/1999
Maine Rev. Statute Ann. Title 24A § 2241 to § 2246 Payee required to receive independent professional advice. Interested parties must consent to transfer if settlement documents bar assignment of payments
Maryland Eff.
Date: 10/01/2000
Maryland Courts and Judicial § 5-1101-5-1105 Payee must receive independent professional advice. Cannot factor structured settlements of claims for workers comp. benefits.
Massachusetts
Eff. Date:
01/12/2001
Massachusetts Ann. Laws chapter 231C § 2 Payee must receive independent professional advice.
Michigan Eff. Date: 01/14/2001 Michigan Comp. Laws § 691.1191 to § 691.1197 Payee must receive independent professional advice. Interested parties must consent to transfer if settlement documents bar assignment of payments. Discount/interest cannot exceed 25% per year. Cannot factor structured settlements of claims for workers comp. benefits.
Minnesota Eff.
Date: 08/01/1999
Minnesota Statute § 549.31 to § 549-34 Payee must receive independent professional advice. Cannot factor structured settlements of claims for workers comp. benefits.
North Carolina
Eff. Date: 10/01/1999
North Carolina General Statute § 44B-1-543.10 to § 44B-1-543.15 Payee must receive professional advice. Discount/interest rate cannot exceed prime + 5%; fees cannot exceed 2% of net amount payable to payee. Cannot factor structured settlements of claims for workers comp. benefits.
Ohio Eff.
Date: 10/27/2000
Ohio Rev. Code Ann. § 2323.58.1 to § 2323.58.7 Payee must receive professional advice. Cannot factor structured settlements of claims for workers comp. benefits.

 

This comes straight from the IRS, it is a compilation of excerpts from the various structured settlement protection acts, in regards to IPA’s.  In these state you are required to have a IPA, unlike other states were it is only required to be advised of your rights to have an IPA.

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