Sec. 3. If a court finds that a prize payment or payments from the state lottery commission may be assigned based on a petition filed under section 1 of this chapter and IC 4-30-11-2.5, the court shall issue an order approving the prize payment assignment. The order must include a statement that the petitioner:

(1) has filed a verified petition under section 1 of this chapter;

Terms Used In Indiana Code 34-28-9.2-3

  • Contract: A legal written agreement that becomes binding when signed.
  • Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
(2) understands:

(A) the assignment of the prize payment or payments is voluntary;

(B) to whom the prize payment or payments will be assigned;

(C) the person will not receive future payments that are subject to an assignment made under IC 4-30-11-2.5;

(D) the state lottery commission and its employees are not liable to make any prize payments to the person that are assigned to another individual or entity under IC 4-30-11-2.5; and

(E) that the person may cancel the contract assigning the person’s prize payment or payments within three (3) business days after the date the contract assigning the prize payment or payments is signed;

(3) is of sound mind, is in full command of the person’s faculties, and is not acting under duress;

(4) has received or has had the opportunity to receive legal, financial, and tax advice from a person or entity other than the person or entity that would be assigned the prize payment or payments;

(5) has no debts to state agencies or has satisfied all past debts to state agencies; and

(6) has received, prior to signing the contract assigning the prize payment or payments, a written disclosure statement, on a separate piece of paper, in bold type with a font at least fourteen (14) points, stating the details of the proposed assignment, including:

(A) the amount of the prize payment or payments assigned;

(B) the dates of the prize payment or payments assigned;

(C) the purchase price of the prize payment or payments assigned;

(D) the rate of discount to present value, assuming daily compounding and funding on the contract date; and

(E) the amount, if any, of any origination or closing fees charged to the person.

As added by P.L.198-2014, SEC.6.

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