Earlier this year Tennessee joined the many states revising their Structured Settlement Protection Acts to provide more robust protections to those people seeking to sell some of their periodic payments to factoring companies. Under the Tennessee Structured Settlement Protection Act, the seller is called the “payee” and the factoring company is known as a “transferee”. The revised Tennessee statute requires that the transfer petitions be brought in the county in which the payee resides. It also requires that the payee personally appear at the hearing, unless excused for good cause. The payee must also submit a sworn statement detailing any prior “requested, proposed, or approved transfers”. Tennessee Senate Bill No. 760 was signed into law by Tennessee Governor Bill Haslam on April 14, 2016.
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