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The J.G. Wentworth Company® Urges Governor Hogan to Sign Bill Enacting New Reforms on Structured Settlement Payment Purchasing
RADNOR, PA, April 9, 2016 – 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 for passing new structured settlement payment purchasing legislation (HB 535), and urges Governor Hogan to sign the measures into law. J.G. Wentworth, the country’s leading structured settlement payment purchaser, was an early advocate for this reform bill, calling for its passage since 2015.
Over the past months, J.G. Wentworth and the National Association of Settlement Purchasers (NASP) have worked with lawmakers 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. HB535 would require purchasers to post a bond to demonstrate their financial viability; it would also subject officers and directors to character and fitness requirements and review. These new requirements, combined with stringent new disclosures to improve transparency of transactions and make transfer terms easier to understand, would represent the most extensive consumer protections in the country. The Company commends Senate President Mike Miller, Speaker Mike Busch and Del. Sandy Rosenberg for sponsoring this important piece of legislation in the Maryland General Assembly.
“J.G. Wentworth strongly supports a robust oversight regime for our industry,” said Stewart Stockdale, CEO of J.G. Wentworth. “Maryland’s new law represents the most comprehensive and fundamental change yet to an industry that has faced its share of criticism – and it 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. J.G. Wentworth is a champion for the consumer, and we have 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 state to pursue significant structured settlement purchasing reforms. For the past year, J.G. Wentworth has worked with policymakers in Illinois, Wisconsin, Florida and Virginia to pass 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.
Erik Hartwell, VP, Investor Relations
The J.G. Wentworth Company®
The Glover Park Group