The J.G. Wentworth Company® Applauds Maryland's New Structured Settlement Payment Purchasing Law
May 27 2016 - 7:02PM
Business Wire
The J.G. Wentworth Company® (“J.G. Wentworth” or the
“Company”)(NYSE: JGW), a diversified consumer financial services
company, today applauded the Maryland General Assembly on the
enactment of the nation’s toughest structured settlement payment
purchasing legislation. J.G. Wentworth, the country’s leading
structured settlement payment purchaser, was an early advocate for
this reform law, calling for it since 2015.
J.G. Wentworth and the National Association of Settlement
Purchasers (NASP) worked with lawmakers and Maryland Attorney
General Brian Frosh throughout the legislative process to make
Maryland the nation’s first state to require structured settlement
payment purchasing companies to register, obtain supervised
approval to conduct business and submit to oversight by a
government agency. The new law requires purchasers to post a bond
to demonstrate their financial viability and subjects officers and
directors to character and fitness requirements and review. These
new requirements, combined with stringent new disclosures to
improve transparency of transactions, represent the most extensive
consumer protections in the country. The Company commends members
of the Maryland Senate, House of Delegates, Attorney General and
Delegate Sandy Rosenberg who worked to ensure enactment of this
important statute.
“Maryland’s new law sets a high standard that all states should
consider following in order to protect consumers seeking to sell
their structured settlement payments for much-needed liquidity,”
said Stewart Stockdale, CEO of J.G. Wentworth. “J.G. Wentworth
strongly supports robust oversight and has led the industry in
bringing about needed change, including working with lawmakers,
consumer advocates and others around the country to ensure
appropriate regulations and oversight exist to protect
consumers.”
Maryland is the latest among several states to enact significant
structured settlement purchasing reforms. For the past year, J.G.
Wentworth has worked with policymakers in Illinois, Wisconsin,
Florida and Virginia to enact laws that add new layers of oversight
and require more transparent disclosures. J.G. Wentworth strongly
believes in the convenience and utility of selling structured
settlement payments for certain people and will continue to support
reforms that ensure consumers who can derive value from this type
of transaction are protected.
About The J.G. Wentworth Company®
The J.G. Wentworth Company® is a diversified consumer financial
services company. The Company is focused on providing
direct-to-consumer access to financing needs through a variety of
solutions, including: mortgage lending and
refinancing, structured settlement payment purchasing,
personal lending and prepaid cards. Through the J.G. Wentworth,
Peachtree Financial Solutions, and Olive Branch Funding brands, the
Company is the leading purchaser of structured settlement
payments.
Mortgage loans are offered by J.G. Wentworth Home Lending, LLC
NMLS ID # 2925 (www.nmlsconsumeraccess.org), 3350 Commission Court,
Woodbridge, VA 22192; 888-349-3773.
For more information about The J.G. Wentworth Company®, visit
www.jgw.com or use the information provided below.
This announcement shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of our
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful, prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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The J.G. Wentworth Company®Erik Hartwell, VP, Investor
Relations866-386-3853investor@jgwentworth.comorMedia
InquiriesThe Glover Park GroupRay
Conger202-292-6961rconger@gpg.com