Structured Settlement and Annuity Sale Laws in South Carolina
Residents in South Carolina who wish to sell a structured settlement or annuity should know how their state treats these transactions. Like other states, South Carolina has its own regulations regarding signing away your future payment rights from structured settlements and annuities. The South Carolina law, set up in 2002, is intended to make sure that those who are selling a structured settlement or annuity are not taken advantage of, and that their sales don’t negatively affect their dependents, if any.
South Carolina Structured Settlement and Annuity Law: Financial Disclosure
In order to make sure that the structured settlement or annuity seller understands what they will receive, South Carolina requires the structured settlement or annuity buyer to present the following in disclosure paperwork:
- discounted present value of the payments being transferred
- gross and net amounts of the up-front cash payment
- itemized list of expenses related to the deal, excluding some legal fees
Disclosure paperwork must inform the seller that he or she has the option of canceling the deal within three business days after signed the deal.
South Carolina Structured Settlement and Annuity Law: Court Review
In South Carolina, local courts will review a structured settlement or annuity sale proposal prior to finalization. The court will consider:
- whether the seller has been advised to look for any impartial professional opinion on the deal
- whether the deal is in the best interests of the seller and any applicable dependents
- whether the deal interferes with any other court order or state law
Selling Your Structured Settlement or Annuity with CBC
In addition to knowing state law, structured settlement and annuity sellers benefit from shopping around and looking for the best offers available in the marketplace. At CBC, we are dedicated to providing competitive bids on structured settlement and annuity sales, as well as excellent customer service to keep you informed about your transaction’s progress. We know how to work with state law and take care of legal requirements to make sure your money is there for you according to your plan. Ask us about setting up a successful structured settlement or annuity sale that will help you meet financial goals.