Structured Settlement Transferee

Overview

A structured settlement is "an arrangement for periodic payment of damages for personal injury established by settlement or judgment in resolution of a tort claim." Md. Code Ann., Cts. & Jud. Proc. § 5-1101. In Maryland, a person or company seeking to acquire structured settlement payment rights, known as "structured settlement transferee," must register with the Office of the Attorney General as mandated by Md. Code Ann., Cts. & Jud. Proc. § 5-1107.

Registration Process

Prospective transferees must complete the following forms to initiate registration:

Detailed instructions are provided on the first page of the application form. An initial registration fee of $2,000 is required, payable to the Office of the Attorney General.

Bonding Requirement

Upon registration, transferees must promptly fulfill the bonding requirement as specified in Md. Code Ann., Cts. & Jud. Proc. § 5-1109. This entails filing an irrevocable letter of credit, a surety bond in the amount of $100,000, or depositing $100,000 with the Office of the Attorney General. To file a bond or letter of credit, please use the following forms:

Renewal Process

Registered transferees must renew their registration periodically. The renewal process requires submission of the following forms:

The renewal fee is $2,000. Registrants must ensure that their bonding documentation remains current with the Office of the Attorney General.

Additional Information

A list of currently registered structured settlement transferees is available for reference. For comprehensive details, refer to Maryland's structured settlement transfer law.

Contact Information

For inquiries or further assistance:

Phone: (410) 576-6570
Email: [email protected]
Address: 200 Saint Paul Place, 16th Floor, Baltimore, Maryland 21202