Rep. Roger Jenisch
Filed: 2/23/2006
 
 

 




 

 		












09400HB5337ham002

LRB094 19270 LJB 56396 a






1

AMENDMENT TO HOUSE BILL 5337 




2
    AMENDMENT NO. ______. Amend House Bill 5337, AS AMENDED, 
3
with reference to page and line numbers of House Amendment No. 
4
1, on page 6, by replacing lines 12 through 30 with the 
5
following:
6
    ""Viatical settlement contract" means a written agreement 
7
that establishes the terms under which compensation or anything 
8
of value is paid, which compensation or anything of value is 
9
less than the expected death benefits of the policy, in return 
10
for the viator's assignment, transfer, sale, devise, or bequest 
11
of the death benefit or ownership of any portion of the policy. 
12
"Viatical settlement contract" includes any agreement under 
13
which the insured, viator, or policyholder  or the designee of 
14
the insured, viator, or policyholder receives or is to receive 
15
consideration in exchange for the designation of or consent to 
16
assignment or transfer for the ownership or beneficiary 
17
interest in a policy regardless of the date that the 
18
consideration is provided to the person or the transfer or 
19
assignment occurs. "Viatical settlement contract" also 
20
includes any premium financing transaction or agreement 
21
collateral thereto that provides a guarantee of a policy's 
22
viatical settlement value. "Viatical settlement contract" does 
23
not include a policy loan by an insurer pursuant to the policy 
24
terms or a loan by a licensed lending institution that takes a 
25
collateral assignment of a policy solely as security for a loan 
26
and not as part of or in connection with an agreement 
 


 






09400HB5337ham002
- 2 -
LRB094 19270 LJB 56396 a




1
guaranteeing a viatical settlement value."; and

 
2
by deleting line 22 on page 48 through line 34 on page 58.