2005 Senate Bill 541 ↩

House Roll Call 667: Passed

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.