Litigation

"Maryland Structured Settlements"... The Money Goes To Your Head!

By John Darer

The following appears on the web site of Maryland Structured Settlements located at www.structuredsettlementsmaryland.com:

"If you sell your structured settlement to a third party that?s licensed, insured and bonded you get something that others, who sell to uninsured, unlicensed and non-bonded buyers don?t get. You get the security of knowing that if the buyer should go bankrupt you?ll still get your money.

Many states require a business to be covered with these important protections in place before they can do business in the state. This protects the consumer from potential financial harm. Doing business with a structured settlement buyer that isn?t licensed, insured or bonded is like playing Russian roulette with your money."

The site labeled Maryland Structured Settlements is registered to factoring company Prosperity Partners, according to GoDaddy.com

My readers know that one of my biggest beefs with the factoring industry is that there is no licensing requirement, no continuing education requirement and little regard overall for truth in advertising as evidenced by the cash now fraud that pervades the segment factoring industry buying structured settlement payment rights from tort victims.

It is possible that the reference is to being registered with the secretary of state in each state you do business. If any factoring company is operating in a state without registering with the secretary of state they deserve to be spanked HARD financially based on the dollar value of transactions concluded in the state, which can be easily determined by Court records. But registering with the SoS is a whole different thing than being professionally licensed.  In the insurance biz very often both are needed.

I reached out to an officer of one of the factoring companies to see if there was something new about factoring company credentials that perhaps my tentacles of research had not discovered and the response was " if they're licensed it's news to me. Not sure what licensing authority is out there for this business. Maybe driver's licenses?"' Nuff Said!

And holy misplaced metaphors... "doing business with a structured settlement buyer that isn?t licensed, insured or bonded is like playing Russian roulette with your money",  is that some fancy way of saying that money goes to your head?

Full post as published by Structured Settlements 4Real on March 30, 2009 (boomark / email).