The J.G. Wentworth Company® Applauds Maryland’s New Structured Settlement Payment Purchasing Law
RADNOR, Pa.–(BUSINESS WIRE)–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 on the enactment of the nation’s toughest structured settlement payment purchasing legislation. J.G. Wentworth, the country’s leading structured settlement payment purchaser, was an early advocate for this reform law, calling for it since 2015.
J.G. Wentworth and the National Association of Settlement Purchasers (NASP) worked with lawmakers and Maryland Attorney General Brian Frosh throughout the legislative process 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. The new law requires purchasers to post a bond to demonstrate their financial viability and subjects officers and directors to character and fitness requirements and review. These new requirements, combined with stringent new disclosures to improve transparency of transactions, represent the most extensive consumer protections in the country. The Company commends members of the Maryland Senate, House of Delegates, Attorney General and Delegate Sandy Rosenberg who worked to ensure enactment of this important statute.
“Maryland’s new law 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,” said Stewart Stockdale, CEO of J.G. Wentworth. “J.G. Wentworth strongly supports robust oversight and has 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 among several states to enact significant structured settlement purchasing reforms. For the past year, J.G. Wentworth has worked with policymakers in Illinois, Wisconsin, Florida and Virginia to enact 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.
The J.G. Wentworth Company®
Erik Hartwell, VP, Investor Relations
The Glover Park Group