Maine

🛡️ Maine Registration Requirements for Structured Settlement Purchase Companies

In the state of Maine, the transfer of structured settlement payment rights is governed by Title 24-A, §2242 of the Maine Insurance Code. This law establishes specific safeguards for consumers and requires compliance from any company seeking to acquire such rights from a Maine resident.

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Who Must Register?

Any transferee—a person or business that acquires structured settlement payment rights—must be registered with the Maine Superintendent of Insurance before conducting business in the state.

Per Maine law:

“A transferee may not engage in the business of acquiring structured settlement payment rights from structured settlement recipients domiciled in this State without first filing a registration with the superintendent.”
— Title 24-A, §2242(13)(A)

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Registration Process

To register as a structured settlement transferee in Maine:

1. Submit a Registration Statement to the Superintendent of Insurance.
2. Include:
   • The transferee’s full legal name
   • Mailing address and business location
   • Names and addresses of the company’s principal officers and directors
   • Disclosure of any prior or pending legal actions or regulatory proceedings involving structured settlements
3. Registration is valid for one year and must be renewed annually.
4. There is no specified fee in the statute, but the Superintendent may establish a reasonable fee through rulemaking.

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Enforcement & Penalties

Failure to comply with Maine’s registration requirement may result in:

• Rejection of transfer petitions in court
• Administrative action by the Maine Bureau of Insurance
• Potential civil penalties for unregistered activity

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Full Statute

You can read the full legal text here:
👉 Maine Revised Statutes Title 24-A, §2242 – Structured Settlement Protection Act

⚠️ Disclaimer: General information only — not legal advice. Registration requirements change. Verify with current state law. Read full disclaimer →