In one of the most closely watched legislative sessions of the year, the state of West Virginia proposed, wrote and looks to pass legislation further controlling the process of factoring a structured settlement. A lot of rumor and speculation regarding the origin of the legislation, the intent of the sponsors and the impact on factoring are swirling around this soon to be signed legislation.
On this weeks edition of Speaking of Settlements, host Scott Drake and frequent contributor Matt Bracy, General Counsel of Settlement Capital of Dallas, TX go over the details of the bill as it was proposed, the actual end result of the revised bill as it comes out of the West Virginia House and Senate and what it's impact should be on the factoring of structured settlements in WV. In addition they look ahead to the determine whether or not this single states actions portend additional action in other states and what the impact is to structured settlement professionals both locally and nationally.
As to the motives of what brought this law change to the forefront of the state legislators Matt speculates that this is most likely a local issue being pushed by a few determined legislators in the state, and that there is no covert influence by NSSTA or other trade groups to try and restrict factoring through individual state law changes.