SB 510 Act Became Effective

FOR IMMEDIATE RELEASE
January 6, 2010
Contact: Valerie Bleus
954-367-0717
E-mail: vbleus@fundingcash.com

123 LUMPSUM is proud to announce that the SB 510 act to amend certain sections of the California Insurance Code relating to transfers of structured settlements was signed into Law by Governor Schwarzenegger on October 11, 2009 and became effective on January 1, 2010. The act was the result of a compromise between the Consumer Attorneys of California and the National Association of Settlement Purchasers ("NASP") as well as the legislative team of the bill's sponsor, Senator Corbin, and co-sponsor Assemblyman Tran. As a proud member of NASP, 123 LUMPSUM fully supported this important effort.

Some of the Key Changes to the California transfer law under SB 510 as Enacted are:

"Irrevocably" designated beneficiaries are "Interested Parties"
Filing of the annuity policy, settlement agreement and qualified assignment documents is now subject to availability
Under certain circumstances, a seller's former personal injury attorney should be sent a form notice.

"The amendment is an important piece of consumer protection legislation that balances California consumers' rights to transfer their structured settlement payments in exchange for immediate cash with key consumer protections" says Andrew Savysky, President of 123 LUMPSUM. California's Transfer Act differs from Model State Structured Settlement Protection Act (the "NASP Model Act") that was first adopted in July, 2000 by the National Structured Settlements Trade Association ("NSSTA") and the National Association of Settlement Purchasers ("NASP"). To date, 37 of the 47 states that have structured settlement transfer statutes are based in whole or in substantial part on the NASP Model act, and another 3 which predate the act are substantially similar to it.

For more information on the NASP Model Act please review:
http://www.123lumpsum.com/NASP_model_act.pdf

About 123 LUMPSUM - Located in Hallandale Beach, Florida, 123 LUMPSUM, a leading purchaser of structured settlement payments and annuities, is a specialty finance company that applies institutional financing, underwriting and legal expertise to purchase future cash flows from individuals whose life circumstances have changed suddenly and need immediate cash from their annuities.