{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/59.1-475.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/59.1-475.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/59.1-475.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/59.1-475.1.html"}],"law_id":63699,"edition_id":1,"section_id":63699,"structure_id":15684,"section_number":"59.1-475.1","catch_line":"Required disclosures to payee","history":"2001, c. 537; 2016, cc. 273, 739.","full_text":"Not less than three days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type no smaller than fourteen points, setting forth:\n\n1\n\nThe amounts and due dates of the structured settlement payments to be transferred;2\n\nThe aggregate amount of such payments;3\n\nThe discounted present value of the payments to be transferred, which shall be identified as the “calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities,” and the amount of the Applicable Federal Rate used in calculating such discounted present value;4\n\nThe gross advance amount;5\n\nAn itemized listing of all applicable transfer expenses, other than attorney fees and related disbursements payable in connection with the transferee’s application for approval of the transfer, and the transferee’s best estimate of the amount of any such fees and disbursements;6\n\nThe effective annual interest rate, which shall be disclosed in a statement in the following form: “On the basis of the net amount that you will receive from us and the amounts and timing of the structured settlement payments that you are transferring to us, you will in effect be paying interest to us at a rate of _____ percent per year”;7\n\nThe net advance amount;8\n\nThe amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; and9\n\nA statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee.","order_by":null,"text":{"0":{"id":232013,"text":"Not less than three days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type no smaller than fourteen points, setting forth:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":232014,"text":"The amounts and due dates of the structured settlement payments to be transferred;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":232015,"text":"The aggregate amount of such payments;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":232016,"text":"The discounted present value of the payments to be transferred, which shall be identified as the “calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities,” and the amount of the Applicable Federal Rate used in calculating such discounted present value;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":232017,"text":"The gross advance amount;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":232018,"text":"An itemized listing of all applicable transfer expenses, other than attorney fees and related disbursements payable in connection with the transferee’s application for approval of the transfer, and the transferee’s best estimate of the amount of any such fees and disbursements;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":232019,"text":"The effective annual interest rate, which shall be disclosed in a statement in the following form: “On the basis of the net amount that you will receive from us and the amounts and timing of the structured settlement payments that you are transferring to us, you will in effect be paying interest to us at a rate of _____ percent per year”;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":232020,"text":"The net advance amount;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":232021,"text":"The amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; and","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":232022,"text":"A statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee.","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8"}},"ancestry":[{"id":15684,"edition_id":1,"name":"Structured Settlement Protection Act","identifier":"41","label":"chapter","depth":2,"order_by":1,"parent_id":12809,"metadata":{},"date_created":"2026-06-26 03:57:52","date_modified":"2026-06-26 03:57:52","permalink":{"id":261771,"object_type":"structure","relational_id":15684,"identifier":"41","token":"59.1\/41","url":"\/59.1\/41\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12809,"edition_id":1,"name":"Trade and Commerce","identifier":"59.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:54","date_modified":"2026-06-26 03:43:54","permalink":{"id":259521,"object_type":"structure","relational_id":12809,"identifier":"59.1","token":"59.1","url":"\/59.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":77978,"structure_id":15684,"section_number":"59.1-475","catch_line":"Definitions","url":"\/59.1-475\/","token":"59.1\/41\/59.1-475","metadata":false},{"id":63699,"structure_id":15684,"section_number":"59.1-475.1","catch_line":"Required disclosures to payee","url":"\/59.1-475.1\/","token":"59.1\/41\/59.1-475.1","metadata":false},{"id":60049,"structure_id":15684,"section_number":"59.1-476","catch_line":"Approval of transfers of structured settlement payment rights","url":"\/59.1-476\/","token":"59.1\/41\/59.1-476","metadata":false},{"id":69508,"structure_id":15684,"section_number":"59.1-476.1","catch_line":"Effects of transfer of structured settlement payment rights","url":"\/59.1-476.1\/","token":"59.1\/41\/59.1-476.1","metadata":false},{"id":78158,"structure_id":15684,"section_number":"59.1-477","catch_line":"Procedure for approval of transfers","url":"\/59.1-477\/","token":"59.1\/41\/59.1-477","metadata":false},{"id":77518,"structure_id":15684,"section_number":"59.1-477.1","catch_line":"General provisions, construction","url":"\/59.1-477.1\/","token":"59.1\/41\/59.1-477.1","metadata":false}],"previous_section":{"id":77978,"structure_id":15684,"section_number":"59.1-475","catch_line":"Definitions","url":"\/59.1-475\/","token":"59.1\/41\/59.1-475","metadata":false},"next_section":{"id":60049,"structure_id":15684,"section_number":"59.1-476","catch_line":"Approval of transfers of structured settlement payment rights","url":"\/59.1-476\/","token":"59.1\/41\/59.1-476","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/59.1-475.1\/","history_text":"

This law was first created in 2001. The record of its establishment is cataloged in chapter 537<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2016, chapters 273<\/a> and 739<\/a>.<\/p>","references":[{"id":77978,"section_number":"59.1-475","catch_line":"Definitions","order_by":null,"url":"\/59.1-475\/"},{"id":78158,"section_number":"59.1-477","catch_line":"Procedure for approval of transfers","order_by":null,"url":"\/59.1-477\/"},{"id":77518,"section_number":"59.1-477.1","catch_line":"General provisions, construction","order_by":null,"url":"\/59.1-477.1\/"}],"refers_to":false,"permalink":{"id":261777,"object_type":"law","relational_id":63699,"identifier":"59.1-475.1","token":"59.1\/41\/59.1-475.1","url":"\/59.1-475.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/59.1-475.1\/","token":"59.1\/41\/59.1-475.1","dublin_core":{"Title":"Required disclosures to payee","Type":"Text","Format":"text\/html","Identifier":"\u00a7 59.1-475.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Not less than three days prior to the date on which a payee<\/span> signs a transfer agreement<\/span>, the transferee<\/span> shall provide to the payee<\/span> a separate disclosure statement<\/span>, in bold type no smaller than fourteen points, setting forth:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The amounts and due dates of the structured settlement<\/span> payments to be transferred; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The aggregate amount of such payments; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The discounted present value<\/span> of the payments to be transferred, which shall be identified as the “calculation of current value of the transferred structured settlement<\/span> payments under federal standards for valuing annuities,” and the amount of the Applicable Federal Rate<\/span> used in calculating such discounted present value<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The gross advance amount<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> An itemized listing of all applicable transfer expenses<\/span>, other than attorney fees and related disbursements payable in connection with the transferee<\/span>’s application for approval of the transfer, and the transferee<\/span>’s best estimate of the amount of any such fees and disbursements; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The effective annual interest rate, which shall be disclosed in a statement in the following form: “On the basis of the net amount that you will receive from us and the amounts and timing of the structured settlement<\/span> payments that you are transferring to us, you will in effect be paying interest to us at a rate of _____ percent per year”; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> The net advance amount<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> The amount of any penalties or liquidated damages<\/span> payable by the payee<\/span> in the event of any breach of the transfer agreement<\/span> by the payee<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> A statement that the payee<\/span> has the right to cancel the transfer agreement<\/span>, without penalty<\/span> or further obligation, not later than the third business day after the date the agreement is signed by the payee<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREQUIRED DISCLOSURES TO PAYEE (\u00a7 59.1-475.1)\n\nNot less than three days prior to the date on which a payee signs a transfer\nagreement, the transferee shall provide to the payee a separate disclosure\nstatement, in bold type no smaller than fourteen points, setting forth:\n\n1. The amounts and due dates of the structured settlement payments to be\ntransferred;\n\n2. The aggregate amount of such payments;\n\n3. The discounted present value of the payments to be transferred, which shall\nbe identified as the “calculation of current value of the transferred\nstructured settlement payments under federal standards for valuing\nannuities,” and the amount of the Applicable Federal Rate used in\ncalculating such discounted present value;\n\n4. The gross advance amount;\n\n5. An itemized listing of all applicable transfer expenses, other than attorney\nfees and related disbursements payable in connection with the transferee’s\napplication for approval of the transfer, and the transferee’s best\nestimate of the amount of any such fees and disbursements;\n\n6. The effective annual interest rate, which shall be disclosed in a statement\nin the following form: “On the basis of the net amount that you will\nreceive from us and the amounts and timing of the structured settlement payments\nthat you are transferring to us, you will in effect be paying interest to us at\na rate of _____ percent per year”;\n\n7. The net advance amount;\n\n8. The amount of any penalties or liquidated damages payable by the payee in the\nevent of any breach of the transfer agreement by the payee; and\n\n9. A statement that the payee has the right to cancel the transfer agreement,\nwithout penalty or further obligation, not later than the third business day\nafter the date the agreement is signed by the payee.\n\nHISTORY: 2001, c. 537; 2016, cc. 273, 739.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}