32-03.4-02. Required disclosures to payee

32-03.4-02. Required disclosures to payee

At least three days before the date on which a payee signs a transfer agreement, the

transferee shall provide to the payee a separate disclosure statement, in bold and in at least

fourteen-point type, setting forth:

1. The amounts and due dates of the structured settlement payments to be transferred;

2. The aggregate amount of the payments;

3. The discounted present value of the payments to be transferred, which must be

identified as the "calculation of current value of the transferred structured settlement

payments under federal standards for 'valuing annuities'", and the amount of the

applicable federal rate used in calculating the discounted present value;

4. The gross advance amount;

5. An itemized list of all applicable transfer expenses, other than attorney's fees and

related disbursements, payable in connection with the transferee's application for

approval of the transfer and the transferee's best estimate of the amount of any such

fees and disbursements;

6. The net advance amount;

7. The amount of any penalties or liquidated damages payable by the payee in the event

of any breach of the transfer agreement by the payee; and

8. A statement that the payee has the right to cancel the transfer agreement, without

penalty or further obligation, no later than the third business day after the date the

agreement is signed by the payee.