Governor Scott Walker signed Assembly Bill 129 into law this week, creating a new set of statues to govern the transfer of structured settlement payments. With the bill’s signing, Wisconsin joined 48 other states that previously had structured settlement transfer provisions already in place.

In response to structured settlement rules at the federal level codified in the IRS Code, 48 states have since passed laws governing the transfer of structured settlements, with Wisconsin becoming the 49. The legislation signed this week by Governor Walker creates definitions and key terms regarding transfers, requirements for mandatory disclosures that must be made by a proposed purchaser of rights to structured settlement payments, standards governing judicial review of transfers of structured settlement payments, and procedures, legal effects and general provisions relating to the approval of structured settlement transfers.

The legislation was developed through a 2014 Legislative Council Study Committee on the Transfer of Structured Settlement Payments.

(Pictured left to right: Denise Rinear, Chief compliance Officer, J.G. Wentworth; Governor Scott Walker; Representative Jim Ott (R-Mequon), Chair, Legislative Study Committee on Transfer of Structured Settlements)