§ 682.1 Short title
§ 682.2 Definitions
§ 682.3 Required disclosures to payee
§ 682.4 Approval of transfers of structured settlement payment rights
§ 682.5 Effects of transfer of structured settlement payment rights
§ 682.6 Procedure for approval of transfers
§ 682.7 General provisions — construction — penalties.

Terms Used In Iowa Code > Chapter 682

  • Annuity issuer: means an issuer that has issued an insurance contract used to fund periodic payments under a structured settlement. See Iowa Code 682.2
  • Dependents: means a payee's spouse and minor children and all other family members and other persons for whom the payee is legally obligated to provide support, including alimony. See Iowa Code 682.2
  • Discounted present value: means the fair present value of future payments, as determined by discounting such payments to the present using the most recently published applicable federal rate for determining the present value of an annuity, as issued by the United States internal revenue service. See Iowa Code 682.2
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Gross advance amount: means the sum payable to the payee or for the payee's account as consideration for a transfer of structured settlement payment rights before any reductions for transfer expenses or other deductions to be made from such consideration. See Iowa Code 682.2
  • Independent professional advice: means advice of an attorney, certified public accountant, actuary, or other licensed professional advisor. See Iowa Code 682.2
  • Interested parties: means , with respect to a structured settlement, the payee, a beneficiary irrevocably designated under the annuity contract to receive payments following the payee's death, the annuity issuer, the structured settlement obligor, and any other party that has continuing rights or obligations under the structured settlement. See Iowa Code 682.2
  • Net advance amount: means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under section 682. See Iowa Code 682.2
  • Payee: means an individual who is receiving tax-free payments under a structured settlement and proposes to make a transfer of payment rights. See Iowa Code 682.2
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
  • Responsible administrative authority: means , with respect to a structured settlement, any government authority vested by law with exclusive jurisdiction over the settled claim resolved by the structured settlement. See Iowa Code 682.2
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • Structured settlement: means an arrangement for periodic payment of damages for personal injuries established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers' compensation claim. See Iowa Code 682.2
  • Structured settlement agreement: means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement. See Iowa Code 682.2
  • Structured settlement obligor: means , with respect to a structured settlement, the party that has the continuing periodic payment obligation to the payee under a structured settlement agreement or a qualified assignment agreement. See Iowa Code 682.2
  • Structured settlement payment rights: means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, if any of the following exists:
  • Terms of the structured settlement: means , with respect to a structured settlement, the terms of the structured settlement agreement, the annuity contract, any qualified assignment agreement, and any order or approval of any court or responsible administrative authority or other government authority authorizing or approving the structured settlement. See Iowa Code 682.2
  • Transfer: means any sale, assignment, pledge, hypothecation, or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration. See Iowa Code 682.2
  • Transfer agreement: means the agreement providing for transfer of structured settlement payment rights. See Iowa Code 682.2
  • Transfer expenses: means all expenses of a transfer that are required under the transfer agreement to be paid by the payee or deducted from the gross advance amount, including, without limitation, court filing fees, attorney fees, escrow fees, lien recordation fees, judgment and lien search fees, finders' fees, commissions, and other payments to a broker or other intermediary. See Iowa Code 682.2
  • Transferee: means a party acquiring or proposing to acquire structured settlement payment rights through a transfer. See Iowa Code 682.2
  • United States: includes all the states. See Iowa Code 4.1