Oklahoma § 12-3240 - Disclosure statement

§ 12-3240. Disclosure statement

Not less than three (3) days prior to the date on which a payee

signs a transfer agreement, the transferee shall provide to the

payee a separate disclosure statement, in bold type no smaller than

fourteen (14) point, to include the following:

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 shall 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 such discounted

present value;

4. The gross advance amount;

5. An itemized listing of all applicable transfer expenses,

other than attorneys’ 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, not later

than the third business day after the date the agreement is signed

by the payee.

Added by Laws 2001, c. 70, § 3, eff. Nov. 1, 2001.