Purchasers of Future Payments

In 1999, Senate Bill 18 established registration requirements for persons or companies which conduct the business of buying the rights of individuals to future payments from an annuity, settlement, lottery winnings, sweepstakes payoff or other future payment arrangement.

The person or company who purchases these payment rights becomes the "transferee."   To register, file a registration statement with the Secretary of State containing the information listed below.  The registration fee is $50.

• The name and address of the transferee.

• The name and address of the transferee’s agent for service of process within the  state, or if the company does not have one within the state, a statement that the secretary of state will serve as the agent for service of process; and
• A full and complete disclosure of any prior or pending litigation involving alleged violations of this article’s provisions or consumer complaints filed with the attorney general’s office of this state that allege violations of this article’s provisions, or a notarized statement that there has been no such litigation or unresolved complaint relating to the operations of the transferee.

This registration is in addition to the business registration requirements.  See Business Startup for information on that registration.

To access the law on Purchasers of Future Payments, go to:  WV Code