Structured Settlement and Annuity Law in Rhode Island
Those who are receiving regularly scheduled payments from structured settlements and annuities may want to sell their future payments to handle financial emergencies or support immediate financial goals. A structured settlement or annuity sale can help a household pay down debt, handle emergency expenses, or produce a down payment for real estate or other investments. One of the keys to a successful structured settlement or annuity sale is knowing how the asset holder’s state of residence treats these transactions.
In Rhode Island, a 2001 law governs the sale of structured settlements and annuities. Like many other states, Rhode Island regulates structured settlement and annuity sales in order to make sure that the seller is informed about what they will receive compared to what they are signing away, and that none of the structured settlement or annuity holder’s dependents are harmed by a sale of future payment rights.
Consumer protections in Rhode Island Structured Settlement and Annuity Law
A number of vital consumer protections are built into Rhode Island structured settlement and annuity law. Like other states, Rhode Island mandates that local courts must review a structured settlement or annuity sale offer prior to finalization. The court will look at whether the seller has been informed about the sale.
Rhode Island law provides for a cancellation period, during which the seller can decide whether or not to go ahead with the structured settlement or annuity sale. In Rhode Island, the cancellation period is three business days after the deal is signed.
Rhode Island Structured Settlement and Annuity Law: Seek Independent Professional Advice
Another provision in Rhode Island structured settlement and annuity law is similar to those in other state laws. Rhode Island requires that the structured settlement or annuity buyer, which is generally a financial firm, must suggest that the seller get consultation from an outside professional. This will help ensure that the seller receives a fair deal based on the market price.
Rhode Island Structured Settlement and Annuity Law: Financial Disclosure
Rhode Island requires clear and transparent presentations of the transaction. The buyer must show the seller:
- how much they would receive in a “gross advance”
- itemized expenses applying to the deal
- value of future payment rights being transferred
Selling Your Structured Settlement or Annuity: Finding a Good Buyer
Because of state law requirements, it’s important for structured settlement and annuity holders to find qualified buyers who understand the rules in a specific jurisdiction. The best structured settlement and annuity buyers offer competitive bids and provide great customer service.
CBC is an established structured settlement and annuity buyer with a great track record for customer service. We have helped many clients all over America to finalize successful structured settlement and annuity sales and get the money that they need to follow their goals and aspirations. We will work with you to finalize your sale and keep you informed, to make sure that you get your money when you need it. Talk to us about setting up a successful structured settlement or annuity sale that will benefit your family.