Introduced
by
To revise the Michigan structured settlement act to comply with National Conference of Insurance Legislators (NCOIL) recommendations. A “structured settlement” is the settlement of a tort or insurance claim by way of a series of future installment payments instead of a lump-sum payment. The bill would establish regulations for “factoring" transactions, in which the injured party sells the right to continued payments for a lump sum, in an amount discounted from the present value of the structured settlement payments.
Referred to the Committee on Judiciary
Reported without amendment
With the recommendation that the bill pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 36 to 0 (details)
Referred to the Committee on Judiciary
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Amendment offered
by
To eliminate a provision recognizing structured settlements approved not by a court but by some adminstrative authority.
The amendment passed by voice vote
Passed in the House 105 to 0 (details)
To revise the Michigan structured settlement act to comply with National Conference of Insurance Legislators (NCOIL) recommendations. A “structured settlement” is the settlement of a tort or insurance claim by way of a series of future installment payments instead of a lump-sum payment. The bill would establish regulations for “factoring" transactions, in which the injured party sells the right to continued payments for a lump sum, in an amount discounted from the present value of the structured settlement payments.
Motion
by
To give the bill immediate effect.
The motion passed 105 to 0 (details)
Amendment offered
by
To eliminate a reference to the estates and protected individuals code which is reportedly redundant.
The amendment passed by voice vote
Passed in the Senate 38 to 0 (details)
To concur with the House-passed version of the bill, with one minor amendment.
Passed in the House 106 to 0 (details)
To concur with the Senate-passed version of the bill.
