Structured Settlement Purchase Company
Structured Settlement Purchase Company
Effective July 1, 2021, a person or entity operating as a structured settlement purchase company in Georgia must register with the Secretary of State pursuant to O.C.G.A. 51-12-73. Operating as a structured settlement purchase company includes acting as a transferee, attempting to acquire structured settlement payment rights from a payee residing in Georgia, and/or filing a structured settlement transfer proceeding in Georgia. For more information regarding structured settlements and the registration of structured settlement purchase companies, please see the Georgia Structured Settlement Protection Act. A link to the Georgia Structured Settlement Protection Act (HB 443) is provided below.
To register as a structured settlement purchase company (“SSPC”), an applicant must complete the Application - Structured Settlement Purchase Company Registration (SSPC001) form, and submit it to the Corporations Division of the Georgia Secretary of State’s office. The fee payment of $1,250.00 and a copy of a surety bond, letter of credit, or cash bond in the amount of $50,000 must accompany the application. If the structured settlement purchase company is registered, it will be registered for a one-year period.
The registration is renewable annually. To renew, the SSPC registrant must submit to the Corporations Division a completed Application - Structured Settlement Purchase Company Renewal (SSPC002), a copy of a surety bond, letter of credit, or cash bond in the amount of $50,000, and the $750.00 fee payment. The renewal application must be received in the Corporations Division's office on or before the expiration date. Registrations may be renewed up to 60 days before the expiration date.
The surety bond, letter of credit, or cash bond, a copy of which is included with the initial registration application and any subsequent renewal application, must be in compliance with the provisions of the Georgia Structured Settlement Protection Act. The bond must be payable to the State of Georgia. The surety bond, letter of credit or cash bond must be effective concurrently with the SSPC’s registration with the Secretary of State, must be renewed each year when the registration is renewed, and must remain in effect for not less than 3 years after expiration or termination of that registration. If the bond is modified or cancelled, then written notice must be sent to the Secretary of State at least 20 days prior to the effective date of such modification or cancellation. If the bond is cancelled, then the registration of the SSPC is automatically cancelled unless a new surety bond, letter of credit, or cash bond is filed with the Secretary of State.
Questions regarding the application forms or process for registering or renewing a structured settlement purchase company may be directed to [email protected] or by calling our Corporations Division at 404-656-2817.
Please use the following links for application forms and more information: