Structured Settlement and Annuity Law in Oregon
Those who want to sell a structured settlement or annuity should always consider how their state laws treat a sale of these assets. Most U.S. states have laws to ensure that structured settlement and annuity sales are fair for the seller, and that they do not compromise the financial health of sellers or their dependents. The state of Oregon has a standard law on the sales of structured settlements and some kinds of annuities. These types of financial transactions may be a great option for families considering how to handle financial situations such as:
- paying down high-interest debt
- paying emergency medical bills after a major health crisis
- paying for higher education for a family member
- making necessary home improvements or buying a home
Oregon Structured Settlement and Annuity Law: Requirements
The Oregon state law for a structured settlement or annuity sale includes these restrictions:
- The seller of the structured settlement or annuity must reside within the state.
- A local court must review the transaction.
- The structured settlement or annuity buyer, usually a financial company, must file paperwork with the court prior to a hearing and provide disclosure paperwork to the seller.
Oregon Structured Settlement and Annuity Law: Disclosure
In the state of Oregon, the structured settlement or annuity buyer is required to show the seller a range of information about the value of an up-front cash payment compared to the future payment rights being signed over. The buyer must also advise the seller to seek an outside professional opinion on a structured settlement or annuity sale offer. The structured settlement or annuity seller must get such professional advice or waive the requirement in writing.
Oregon Structured Settlement and Annuity Law: What Courts Do
A structured settlement or annuity sale in Oregon must go through a local court or other “responsible administrative authority.” This party must consider whether the sale is fair to the seller, and whether it would negatively affect any dependents, if applicable. The court will also make sure that a transaction does not contradict any applicable state laws.
Finding a Good Structured Settlement and Annuity Buyer
Those looking to sell a structured settlement or annuity in Oregon can shop around to get the best offers from buyers. Sellers should look for:
- how much the buyer is offering in up-front cash payment for future payments
- whether the buyer has the experience to work with state law
- whether the buyer can administrate the deal with professionalism and complete all parts of the process on time
CBC: A Qualified Structured Settlement and Annuity Buyer
CBC has the experience to work within Oregon state law to complete your structured settlement or annuity sale and get you your money when you need it. We have a great customer service track record, and our attentive and caring staff will keep you involved as you go through this important transaction process. Talk to us about getting the most out of a structured settlement or annuity sale.