ST. PAUL, MINN. – Rep. Erin Koegel (DFL – Spring Lake Park) has introduced a bill that seeks to address the business of purchasing structured settlement payments of accident victims, regulating how such transactions are approved.
“Existing laws are vague, and allow the opportunity for bad actors to take advantage of accident victims,” said Rep. Koegel. “Victims of accidents deserve to be treated fairly, and through passing this law, we will protect consumers by ensuring there is more discretion to review and halt the sale of structured settlements."
This legislation would widen the variety of factors judges can use in determining whether a deal is in a seller's best interest. Judges would also be allowed to assess if the seller understands the transaction, and determine whether the sale is fair.
The bill now goes to the Judiciary and Civil Law Committee. The materials on this bill and more can be found on the committee's website.