2022 Nevada Revised Statutes
Chapter 42 - Damages
NRS 42.370 - Prohibited acts; remedies for violation.
1. A transferee, a structured settlement purchase company and an employee or other representative of a transferee or structured settlement purchase company shall not engage in any of the following actions:
(a) Pursue or complete a transfer with a payee without complying with all applicable provisions of NRS 42.200 to 42.400, inclusive.
(b) Refuse or fail to fund a transfer after court approval of the transfer.
(c) Acquire structured settlement payment rights from a payee without complying with all applicable provisions of NRS 42.200 to 42.400, inclusive, including, without limitation, obtaining court approval of the transfer in accordance with NRS 42.200 to 42.400, inclusive.
(d) Intentionally file a structured settlement transfer proceeding in any court other than the court specified in NRS 42.395, unless the transferee is required to file in a different court by applicable law.
(e) Except as otherwise provided in this paragraph, pay a commission or finder’s fee to any person for facilitating or arranging a structured settlement transfer with a payee. The provisions of this paragraph do not prevent a structured settlement purchase company from paying:
(1) A commission or finder’s fee to a person who is a structured settlement purchase company or is an employee of a structured settlement purchase company;
(2) To third parties any routine transfer expenses, including, without limitation, court filing fees, escrow fees, lien recordation fees, judgment and lien search fees, attorney’s fees and other similar types of fees relating to a transfer; and
(3) A reasonable referral fee to an attorney, certified public accountant, actuary, licensed insurance agent or other licensed professional adviser in connection with a transfer.
(f) Intentionally advertise materially false or misleading information regarding the products or services of the transferee or structured settlement purchase company.
(g) Attempt to coerce, bribe or intimidate a payee seeking to transfer structured settlement payment rights.
(h) Attempt to defraud a payee or any party to a structured settlement transfer or any interested party in a structured settlement transfer proceeding by means of forgery or false identification.
(i) Except as otherwise provided in this paragraph, intervene in a pending structured settlement transfer proceeding if the transferee or structured settlement purchase company is not a party to the proceeding or an interested party relative to the proposed transfer which is the subject of the pending structured settlement transfer proceeding. The provisions of this paragraph do not prevent a structured settlement purchase company from intervening in a pending structured settlement transfer proceeding if the payee has signed a transfer agreement with the structured settlement purchase company within 60 days before the filing of the pending structured settlement transfer proceeding and the structured settlement purchase company which filed the pending structured settlement transfer proceeding violated any provision of NRS 42.200 to 42.400, inclusive, in connection with the proposed transfer that is the subject of the pending structured settlement transfer proceeding.
(j) Except as otherwise provided in this paragraph, knowingly contact a payee who has signed a transfer agreement and is pursuing a proposed transfer with another structured settlement purchase company for the purpose of inducing the payee into cancelling the proposed transfer or transfer agreement with the other structured settlement purchase company if a structured settlement transfer proceeding has been filed by the other structured settlement purchase company and is pending. The provisions of this paragraph do not apply if no hearing has been held in the pending structured settlement transfer proceeding within 90 days after the filing of the pending structured settlement transfer proceeding.
(k) Fail to dismiss a pending structured settlement transfer proceeding at the request of the payee. A dismissal of a structured settlement proceeding after a structured settlement purchase company has violated the provisions of this paragraph does not exempt the structured settlement purchase company from any liability under this paragraph.
2. A payee may pursue a private action as a result of a violation of subsection 1 and may recover all damages and pursue all rights and remedies to which the payee may be entitled pursuant to NRS 42.200 to 42.400, inclusive, or any other applicable law.
3. A structured settlement purchase company may pursue a private action to enforce paragraphs (d), (g), (i), (j) and (k) of subsection 1 and may recover all damages and pursue all remedies to which the structured settlement purchase company may be entitled pursuant to NRS 42.200 to 42.400, inclusive, or any other applicable law.
4. If a court determines that a structured settlement purchase company or transferee is in violation of subsection 1, the court may:
(a) Revoke the registration of the structured settlement purchase company;
(b) Suspend the registration of the structured settlement purchase company for a period to be determined at the discretion of the court; and
(c) Enjoin the structured settlement purchase company or transferee from filing new structured settlement transfer proceedings in this State or otherwise pursuing transfers in this State.
(Added to NRS by 2021, 1725)
