Last week, Texas ushered House Bill 3356 into law. The first bill of its kind in the U.S., HB 3356 offers increased protections to the identity of structured settlement annuitants contemplating the sale of their payments.
This bill, which received overwhelming support amongst Texas lawmakers—passing by 143-1 in the House of Representatives and 31-0 in the Senate—will “conceal from public inspection personally identifiable information” structured settlement recipients.
HB 3356 adds a new layer of privacy for a seller, allowing annuitants to conceal their personally identifying information while going through the process of selling portions of their structured settlement payments.
We are proud to say that at the heart of the legislation change was SenecaOne’s own legal counsel. The SenecaOne legal department was the driving force behind the bill, first drafting it and then finding lobbyist who identified a sponsor and got the bill submitted to the TX state legislature for a vote.
As an organization dedicated to providing superior customer service and advocates for customer privacy protections, our involvement in changing the landscape of the industry and change state law to help provide more privacy for our customers.
“We’re thrilled to finally be able to help Texas annuitants with their financial needs, without requiring them to publicly disclose their personally identifiable information.” said SenecaOne Executive Vice-president, Brian Schneider.
“It’s heartening that the legislature and the Governor of the great State of Texas recognize the importance of allowing structured settlement annuitants to monetize their future payments with the same level of privacy as someone who’s getting a mortgage or entering into any other consumer financial transaction.”
With the successful signing into law, this bill can become the template for other state legislatures to provide better identity security to consumers and structured settlement payees in those states. This could be instrumental in updating much needed privacy protections to other US structured settlement annuitants.