<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 21-3B-2 - Transferee to provide disclosure statement--Information required. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2045835Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2045835SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2045835CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2045835Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2045835DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2045835Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2045835000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2045835SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2045835SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2045835Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=21-3B-2"><span class="s2045835SENU">21-3B-2</span></a><span xml:space="preserve" class="s2045835SENU">. </span><span class="s2045835CL">Transferee to provide disclosure statement--Information required.</span></p><p dir="ltr" class="s2045835Normal-000000"><span class="s2045835DefaultParagraphFont">Not less than 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 type no smaller than 14 points, setting forth the following information:</span></p><p dir="ltr" class="s2045835Normal-000001"><span class="s2045835DefaultParagraphFont">(1)    The amounts and due dates of the structured settlement payments to be transferred;</span></p><p dir="ltr" class="s2045835Normal-000001"><span class="s2045835DefaultParagraphFont">(2)    The aggregate amount of such payments;</span></p><p dir="ltr" class="s2045835Normal-000001"><span class="s2045835DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2045835Normal-000001"><span class="s2045835DefaultParagraphFont">(4)    The gross advance amount;</span></p><p dir="ltr" class="s2045835Normal-000001"><span class="s2045835DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2045835Normal-000001"><span class="s2045835DefaultParagraphFont">(6)    The net advance amount;</span></p><p dir="ltr" class="s2045835Normal-000001"><span class="s2045835DefaultParagraphFont">(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</span></p><p dir="ltr" class="s2045835Normal-000001"><span class="s2045835DefaultParagraphFont">(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.</span></p><p dir="ltr" class="s2045835Normal"><span xml:space="preserve" class="s2045835000002"> </span></p><p dir="ltr" class="s2045835Normal"><span class="s2045835SCL">Source:</span><span xml:space="preserve" class="s2045835SCL-000003"> SL 2001, ch 106, § 2.</span></p></div></body></html>