The J.G. Wentworth Company® Applauds New Florida Law Increasing Transparency and Strengthening Standards for Structured Settlement Payment Purchases
RADNOR, PA March 10, 2016— The J.G. Wentworth Company® (“J.G. Wentworth” or the “Company”) (NYSE: JGW), a diversified consumer financial services company, today applauded Governor Rick Scott for signing into law C.S./S.B. 458, which introduces strong consumer protections for structured settlement payment purchases.
Working closely with the National Association of Settlement Purchasers (NASP), J.G. Wentworth took a leadership role to help ensure passage of the bill, which closes gaps in the existing law. By introducing new standards and disclosure requirements, this legislation boosts transparency and builds stronger protections in the structured settlement payment purchasing marketplace. The Company commends Sen. Garrett Richter for his efforts to pass this important bill through the Florida legislature.
C.S./S.B. 458 introduces sweeping reforms to structured settlement payment purchases, requiring that a judge approve any transfers filed in the state, individuals selling settlement payments appear in court, and applications be filed in courts with jurisdiction over where the individual lives. The bill also sets new disclosure requirements to ensure that transfers are transparent.
“J.G. Wentworth has been a leading advocate for stronger industry standards that increase transparency and oversight for structured settlement payment purchases. This is crucial legislation that will go a long way towards protecting consumers through tough new rules and enhanced disclosures,” said Stewart Stockdale, CEO of J.G. Wentworth.
Florida is the latest state to enact more stringent structured settlement payment purchasing regulation. J.G. Wentworth and NASP have worked to pass similar bills in Illinois, Wisconsin, and Virginia that provide comprehensive protections for consumers. Meanwhile, a similar bill is moving through the Maryland legislature. J.G. Wentworth will continue to fight for stronger protections and greater transparency that improve the structured settlement payment purchasing marketplace.
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