News Room Archive
SAINT PAUL – Minnesota Secretary of State Steve Simon released the following statement on H.F. 3768, which regulates how structured settlements operate in Minnesota:
“Our office is proud to play a role in supporting and securing the passage of legislation to bring additional consumer protections for Minnesotans with structured settlements. These new protections will ensure Minnesotans are not taken advantage of in times of need or distress."
H.F. 3768 will increase the protections provided to consumers seeking a lump-sum payment instead of a recurring payment through their structured settlement by requiring an attorney to review the transfer and a judge to consider if a transfer is in the best interest of the payee, among other requirements.
To ensure this legislation could take effect, the Office of the Secretary of State agreed to take on new responsibilities by establishing a special registration for structured settlement purchase companies starting in January 2023. To register, companies must secure a surety bond and provide an initial filing fee and a renewal fee for registration applications.