Nevada § 42.370 - Prohibited acts; remedies for violation

§ 42.370. Prohibited acts; remedies for violation

1. A transferee, a structured settlement purchase company and an employee or other

representative of a transferee or structured settlement purchase company shall not

engage in any of the following actions: (a) Pursue or complete a transfer with a payee without complying with all applicable

provisions of NRS 42.200 to 42.400 , inclusive. (b) Refuse or fail to fund a transfer after court approval of the transfer. (c) Acquire structured settlement payment rights from a payee without complying with

all applicable provisions of NRS 42.200 to 42.400 , inclusive, including, without limitation, obtaining court approval of the transfer

in accordance with NRS 42.200 to 42.400 , inclusive. (d) Intentionally file a structured settlement transfer proceeding in any court other

than the court specified in NRS 42.395 , unless the transferee is required to file in a different court by applicable law. (e) Except as otherwise provided in this paragraph, pay a commission or finder's fee

to any person for facilitating or arranging a structured settlement transfer with

a payee. The provisions of this paragraph do not prevent a structured settlement purchase

company from paying: (1) A commission or finder's fee to a person who is a structured settlement purchase

company or is an employee of a structured settlement purchase company; (2) To third parties any routine transfer expenses, including, without limitation,

court filing fees, escrow fees, lien recordation fees, judgment and lien search fees,

attorney's fees and other similar types of fees relating to a transfer; and (3) A reasonable referral fee to an attorney, certified public accountant, actuary,

licensed insurance agent or other licensed professional adviser in connection with

a transfer. (f) Intentionally advertise materially false or misleading information regarding the

products or services of the transferee or structured settlement purchase company. (g) Attempt to coerce, bribe or intimidate a payee seeking to transfer structured

settlement payment rights. (h) Attempt to defraud a payee or any party to a structured settlement transfer or

any interested party in a structured settlement transfer proceeding by means of forgery

or false identification. (i) Except as otherwise provided in this paragraph, intervene in a pending structured

settlement transfer proceeding if the transferee or structured settlement purchase

company is not a party to the proceeding or an interested party relative to the proposed

transfer which is the subject of the pending structured settlement transfer proceeding. The provisions of this paragraph do not prevent a structured settlement purchase

company from intervening in a pending structured settlement transfer proceeding if

the payee has signed a transfer agreement with the structured settlement purchase

company within 60 days before the filing of the pending structured settlement transfer

proceeding and the structured settlement purchase company which filed the pending

structured settlement transfer proceeding violated any provision of NRS 42.200 to 42.400 , inclusive, in connection with the proposed transfer that is the subject of the pending

structured settlement transfer proceeding. (j) Except as otherwise provided in this paragraph, knowingly contact a payee who

has signed a transfer agreement and is pursuing a proposed transfer with another structured

settlement purchase company for the purpose of inducing the payee into cancelling

the proposed transfer or transfer agreement with the other structured settlement purchase

company if a structured settlement transfer proceeding has been filed by the other

structured settlement purchase company and is pending. The provisions of this paragraph do not apply if no hearing has been held in the

pending structured settlement transfer proceeding within 90 days after the filing

of the pending structured settlement transfer proceeding. (k) Fail to dismiss a pending structured settlement transfer proceeding at the request

of the payee. A dismissal of a structured settlement proceeding after a structured settlement

purchase company has violated the provisions of this paragraph does not exempt the

structured settlement purchase company from any liability under this paragraph. 2. A payee may pursue a private action as a result of a violation of subsection 1

and may recover all damages and pursue all rights and remedies to which the payee

may be entitled pursuant to NRS 42.200 to 42.400 , inclusive, or any other applicable law. 3. A structured settlement purchase company may pursue a private action to enforce

paragraphs (d), (g), (i), (j) and (k) of subsection 1 and may recover all damages

and pursue all remedies to which the structured settlement purchase company may be

entitled pursuant to NRS 42.200 to 42.400 , inclusive, or any other applicable law. 4. If a court determines that a structured settlement purchase company or transferee

is in violation of subsection 1, the court may: (a) Revoke the registration of the structured settlement purchase company; (b) Suspend the registration of the structured settlement purchase company for a period

to be determined at the discretion of the court; and (c) Enjoin the structured settlement purchase company or transferee from filing new

structured settlement transfer proceedings in this State or otherwise pursuing transfers

in this State.