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SB 0499 - Life Settlements Act; license requirements for providers/brokers

Tracking Level: Monitor
Sponsor: Hudgens,Ralph 47th
Last Action: 3/11/2008 - House Second Readers
Senate Committee: I&L
House Committee: Ins
Assigned To:
05. Superior CourtsNext Bill
06. State CourtsNext Bill
09. Magistrate CourtsNext Bill

Staff Analysis of the Legislation

This bill deals with life settlements. It provides for license requirements for providers and registration requirements for life settlement brokers. It sets up requirements for life settlement contracts, reporting requirements, privacy requirements. The Commissioner of Insurance is given the authority to investigate persons involved in the life settlement business and in suspected fraudulent practices. The bill provides a civil cause of action for someone in violation of the code sections in this bill. The Commissioner would have the power to issue subpoenas, to administer oaths, and to examine under oath any person as to any matter pertinent to the examination. Upon the failure or refusal of a person to obey a subpoena, the Commissioner may petition a court of competent jurisdiction and, upon proper showing, the court may enter an order compelling the witness to appear and testify or produce documentary evidence. If a person violates the provisions of this bill, the Commissioner may seek an injunction in a court of competent jurisdiction in the county where the person resides or has a principal place of business and may apply for temporary and permanent orders as the Commissioner determines are necessary to restrain the person from further committing the violation. In the event of a willful violation of bill, the trial court may award statutory damages in addition to actual damages in an additional amount up to three times the actual damage award.

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text