Okla. Stat. tit. 12, § 12-3240
This is the official text of Okla. Stat. tit. 12, § 12-3240, part of Oklahoma’s Stat. tit. 12, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12,." Browse the sections below, each linked to its official government source.
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Disclosure statement
Official statutory text
Not less than three (3) 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 (14) point, to include the following:
1. The amounts and due dates of the structured settlement
payments to be transferred;
2. The aggregate amount of the payments;
3. 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;
4. The gross advance amount;
5. An itemized listing of all applicable transfer expenses,
other than attorneys’ 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. The net advance amount;
7. 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
8. 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.
signs a transfer agreement, the transferee shall provide to the
payee a separate disclosure statement, in bold type no smaller than
fourteen (14) point, to include the following:
1. The amounts and due dates of the structured settlement
payments to be transferred;
2. The aggregate amount of the payments;
3. 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;
4. The gross advance amount;
5. An itemized listing of all applicable transfer expenses,
other than attorneys’ 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. The net advance amount;
7. 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
8. 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.
Status: in_force · Read it on the official government site
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