During the 2023 legislative session, the General Assembly passed The Structured Settlement Protection Act. The Act sets forth definitions related to structured settlements, structured settlement purchase company prohibitions, disclosure requirements, approval hearing provisions, and other information related to structured settlement purchase companies operating in the State of South Carolina.
As of January 1, 2024, structured settlement payment companies operating in South Carolina must register with the South Carolina Secretary of State by completing the Application for Registration of Structured Settlement Purchase Company (PDF). The fee for initial applications is $1,250.00. Registration must be renewed each year on or before the expiration date of the registration. The fee for a renewal application is $200.00.
A structured settlement purchase company that fails to register when required by law to do so may be subject to an administrative fine of $10,000.00.
Cancellations, modifications, and filing of judgments do not have standard forms. Copies of these documents must be provided to the Secretary of State for filing along with any additional information required for filing by statute.
Questions regarding the application forms or process for registering or renewing a structured settlement purchase company may be directed to firstname.lastname@example.org.