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House bill would require prompt settlement payments; plaintiffs tell of months-long waits
Summary
HB 526 would require defendants to provide a proposed release within 15 days and pay settlement funds within 30 days of an executed release; proponents said the rule would prevent financial hardship for families, while insurers warned it could disrupt structured settlements and complicate Medicare lien handling.
Delegate Aaron Kaufman introduced HB 526, which would set a timetable for turning settlement agreements into payment: a proposed release within 15 days and payment within 30 days of the executed release in most cases (sponsor amendments extended some timelines).
"Once a settlement was reached, the defendant must provide a proposed release within a specified period and to pay all the sums with a defined time frame after execution of the release," Kaufman told the…
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