STRUCTURED SETTLEMENT TRANSFER Senate SponsorsSen. William R. Haine House Sponsors(Rep. Michael J. Zalewski-Peter Breen and André Thapedi) 8/5/2015SenatePublic Act . . . . . . . . . 99-0286 215 ILCS 153/15215 ILCS 153/20215 ILCS 153/25215 ILCS 153/30215 ILCS 153/35Amends the Structured Settlement Protection Act. Provides that the structured settlement obligor and the annuity issuer shall be discharged from any and all liability by complying with a court order approving a transfer of structured settlement payment rights, and shall not have or incur any liability to the payee, transferee, or assignee as a result of the failure of the court order, transfer agreement, disclosure statement, or the transfer proceeding to comply with the Act, another applicable State or federal statute relating to structured settlement transfers, or any other law. Provides that an application for approval of a structured settlement transfer shall be brought in the circuit court of the county in which the payee is domiciled at the time the transfer agreement was signed or, if the payee is not domiciled in this State or in any other state that has enacted a statute that requires court approval of a transfer of structured settlement payment rights, then the application may be brought in the county in which the structured settlement obligor or annuity issuer is domiciled or has its principal place of business in this State. Provides what information is necessary to make an application to the court under the Act. Provides that a court may review all applications for transfer filed, and may approve or deny a transfer despite the existence of terms in the underlying settlement agreement, qualified assignment, related annuity, or in any other relevant document that purports to restrict or preclude the payee's right or power to assign or transfer structured settlement payment rights. Makes other changes.Senate Committee Amendment No. 1 Adds reference to:215 ILCS 153/5Makes changes to the definitions of "interested parties" and "structured settlement". Removes references to a responsible administrative authorities. Makes changes to the effects of a transfer of structured settlement payment rights approved under the Structured Settlement Protection Act. Provides that the structured settlement obligor and the annuity issuer shall, as to all parties except the transferee or an assignee designated by the transferee, be discharged and released from any and all liability for the transferred payments, and the discharge and release shall not be affected by the failure of any other party to the transfer to comply with the Act or with the order of the court approving the transfer (rather than the structured settlement obligor and the annuity issuer shall, as to all parties except the transferee or an assignee designated by the transferee, be discharged and released from any and all liability for complying with the court order and from any and all liability to the payee for the transferred payments, and the structured settlement obligor and the annuity issuer shall comply with the court order and shall not have or incur any liability to the payee, transferee, or assignee as a result of the failure of the court order, transfer agreement, disclosure statement, or the transfer proceeding to comply with the Act or another applicable State or federal statute relating to structured settlement transfers or any other law). Makes changes to the procedure for approval of transfers of structured settlement payment rights. Provides that for applications for transfer of structured settlement payments brought by payees not domiciled in the State, the application shall be filed in the court in the State that approved the structured settlement agreement or in the court in which the structured settlement obligor or annuity issuer has its principal place of business (rather than in the county in which the structured settlement obligor or annuity issuer is domiciled or has its principal place of business). Adds a requirement for a hearing to be held on the approval of a transfer of structured settlement payment rights, and requires certain documentation to be filed not less than 20 days prior to the hearing. Allows a court to hold a hearing on the merits of the application even in spite of certain terms (rather than allowing a court to review and approve applications despite the existence of certain terms). Makes other changes.Senate Floor Amendment No. 2 Adds reference to:215 ILCS 153/10Replaces everything after the enacting clause with the bill as amended by Senate Amendment No. 1 with the following changes: In provisions concerning the effects of transfer of structured settlement payment rights, provides that the discharge and release shall not be affected by the failure of any party (rather than other party) to the transfer to comply with the Act. Provides that certain information shall (rather than should) be submitted with the application for transfer of structured settlement payments to the court. Further amends the Structured Settlement Act. Provides that certain required disclosures must be made at least 10 days (rather than 3) in advance of the date on which a payee signs a separate disclosure agreement. Provides that those required disclosures shall include the effective annual interest rate. Makes other changes. Effective immediately. 2/17/2015SenateFiled with Secretary by Sen. William R. Haine 2/17/2015SenateFirst Reading 2/17/2015SenateReferred to Assignments 3/3/2015SenateAssigned to Judiciary 3/18/2015SenatePostponed - Judiciary 3/20/2015SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine 3/20/2015SenateSenate Committee Amendment No. 1 Referred to Assignments 3/24/2015SenateSenate Committee Amendment No. 1 Assignments Refers to Judiciary 3/24/2015SenateSenate Committee Amendment No. 1 Adopted 3/24/2015SenateDo Pass as Amended Judiciary; 012-000-000 3/24/2015SenatePlaced on Calendar Order of 2nd Reading March 25, 2015 3/25/2015SenateSecond Reading 3/25/2015SenatePlaced on Calendar Order of 3rd Reading March 26, 2015 4/14/2015SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. William R. Haine 4/14/2015SenateSenate Floor Amendment No. 2 Referred to Assignments 4/21/2015SenateSenate Floor Amendment No. 2 Assignments Refers to Judiciary 4/22/2015SenateSenate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 011-000-000 4/22/2015SenateRecalled to Second Reading 4/22/2015SenateSenate Floor Amendment No. 2 Adopted; Haine 4/22/2015SenatePlaced on Calendar Order of 3rd Reading 4/22/2015SenateThird Reading - Passed; 057-000-000 4/23/2015HouseArrived in House 4/23/2015HouseChief House Sponsor Rep. Michael J. Zalewski 4/23/2015HouseFirst Reading 4/23/2015HouseReferred to Rules Committee 5/4/2015HouseAssigned to Judiciary - Civil Committee 5/8/2015HouseAdded Alternate Chief Co-Sponsor Rep. Peter Breen 5/8/2015HouseCommittee Deadline Extended-Rule 9(b) May 15, 2015 5/13/2015HouseAdded Alternate Co-Sponsor Rep. André Thapedi 5/13/2015HouseDo Pass / Short Debate Judiciary - Civil Committee; 011-000-000 5/13/2015HousePlaced on Calendar 2nd Reading - Short Debate 5/19/2015HouseSecond Reading - Short Debate 5/19/2015HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/20/2015HouseThird Reading - Short Debate - Passed 115-000-000 5/20/2015SenatePassed Both Houses 6/18/2015SenateSent to the Governor 8/5/2015SenateGovernor Approved 8/5/2015SenateEffective Date August 5, 2015 8/5/2015SenatePublic Act . . . . . . . . . 99-0286