Georgia § 33-59-16 - Fraudulent life settlement acts prohibited; criminal and civil penalties; revocation of license.
Full text of Georgia Official Code of Georgia Annotated § 33-59-16 — Fraudulent life settlement acts prohibited; criminal and civil penalties; revocation of license., with citation guidance and answers to common questions.
§ 33-59-16. Fraudulent life settlement acts prohibited; criminal and civil penalties; revocation of license.
It is a violation of this chapter for any person, provider, life settlement broker, or any other party related to the business of life settlements to commit a fraudulent life settlement act. For criminal liability purposes, a person that commits a fraudulent life settlement act shall be guilty of committing insurance fraud and shall be guilty of a felony and, upon conviction, shall be punished by imprisonment for not less than two nor more than ten years, or by a fine of not more than $10,000.00, or both. The Commissioner shall be empowered to levy a civil penalty: Not exceeding $1,000.00 for each and every act in violation of this chapter or, if the person knew or reasonably should have known the acts that he or she committed were in violation of this chapter, the monetary penalty provided for in this subsection may be increased to an amount up to $5,000.00 for each and every act in violation; and The amount of the claim for each violation upon any person, including those persons and their employees licensed pursuant to this chapter, who is found to have committed a fraudulent life settlement act or violated any other provision of this chapter. The license of a person licensed under this chapter that commits a fraudulent life settlement act shall be revoked for a period of at least one year. (Code 1981, § 33-59-16 , enacted by Ga. L. 2009, p. 370, § 1/SB 61.) Editor's notes. - Former Code Section 33-59-16 (Code 1981, § 33-59-16 , enacted by Ga. L. 2005, p. 998, § 1/SB 217; Ga. L. 2008, p. 381, § 10/SB 358), relating to compliance with security laws, was repealed by Ga. L. 2009, p. 370, § 1/SB 61, effective July 1, 2009.
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 33-59-16
What does Official Code of Georgia Annotated § 33-59-16 cover?
Section 33-59-16 ("Fraudulent life settlement acts prohibited; criminal and civil penalties; revocation of license.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 33-59-16?
A common citation format is "Official Code of Georgia Annotated § 33-59-16" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 33-59-16 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.