Your Right to Cancel the Transfer
Category : IPA
Block 12.1 Article 2.3 Transfers of Structured Settlement Payment Rights
10136(c)(13) Your Right to Cancel the Transfer Agreement is Stated in the Disclosure Statement
This article and the last thirteen (13) articles have been about what is required by law to be in the Disclosure Statement; that is what 10136(c) et al is all about.
10136(c)(13), is the last subdivision of (c), (13) being the last of 13 out of 13 subdivisions of subsection (c).
10136(c)(13) tells TRANSFER COMPANY to make a statement in the Disclosure Statement to the consumer in “larger print”, that they can cancel their transfer agreement at any time, in writing, without a special form, as long as IT IS IN WRITING:
(13) states, ” The following statement printed in 14-point type, circumscribed by a box with a bold border, and set forth immediately above or adjacent to the space reserved for the payee’s signature: “You have the right to cancel this agreement without any cost or obligation until the date the court approves this agreement. You will receive notice of the court hearing date when approval may occur. You must cancel in writing and send your cancellation to [insert transferee’s name and address].”
What is so special about these instructions is that the law directs the transfer
company to put your right to cancel into…
Can you believe it? The law directs the transfer company the way something needs to look? Not just what the law needs to mean, but also what it needs to look like when the transfer is company is trying to explain itself to you.
Now THAT is consumer protection in action! You’ll see this kind of “print” in your Disclosure Statement.