The J.G. Wentworth Company® Applauds New Consumer Protection Laws in Virginia for Structured Settlement Purchases
RADNOR, PA March 8, 2016— The J.G. Wentworth Company® (“J.G. Wentworth” or the “Company”) (NYSE: JGW), a diversified consumer financial services company, today applauded new structured settlement purchase protections signed into law by Governor Terry McAuliffe.
The legislation (S.B. 621) is the latest example of state-based efforts to protect consumers who are seeking to sell part or all of their structured settlement payments. J.G. Wentworth took a leadership role through the National Association of Settlement Purchasers (NASP) to ensure passage of the bill, which sets tough new standards to protect consumers and introduces enhanced disclosure requirements to increase transparency in the marketplace. The Company commends Sen. William Stanley and Del. Terry Kilgore for serving as co-sponsor and patron, respectively, for this important bill.
S.B. 621 introduces necessary reforms requiring individuals seeking to sell their payments to appear in person at the hearing. The application for the transfer must be filed in the circuit court where the individual selling their payments resides, and a judge must be present to approve any transfers that are filed in the state. The bill also requires new disclosures to ensure transfers are transparent.
“J.G. Wentworth has led the industry in supporting stronger consumer protection laws in states around the country, and we applaud the actions taken today in Virginia,” said Stewart Stockdale, CEO of J.G. Wentworth. “This law provides important new protections to individuals in need of financial liquidity and ensures structured settlement payment purchases are conducted fairly and transparently.”
Virginia joins Wisconsin and Illinois as the latest states where J.G. Wentworth and NASP have worked to ensure the passage of structured settlement purchasing reforms designed to strengthen consumer protection standards and increase transparency. The Company continues to push for stronger protections, with its next focus on enacting stronger laws in Maryland.
J.G. Wentworth has its mortgage lending operation, employing over 300 people, based in Woodbridge, Virginia.
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, a personal lending marketplace, structured settlement, annuity and lottery payment purchasing, 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