SENATE AMENDMENT

    Bill No. CS for SB 2004

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senator Burt moved the following amendment:

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13         Senate Amendment (with title amendment) 

14         On page 4, between lines 18 and 19,

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16  insert:

17         Section 5.  Section 626.99235, Florida Statutes, is

18  created to read:

19         626.99235  Disclosures to investors;

20  misrepresentations.--

21         (1)  No person shall misrepresent the nature of the

22  return or the duration of time to obtain the return of any

23  investment related to one or more viatical settlements sold by

24  a viatical settlement provider or related provider trust.

25         (2)  The viatical settlement provider, itself or

26  through another person, shall provide in writing the following

27  disclosures to any investor or investor prospect:

28         (a)  That the return available under the viatical

29  investment is directly tied to the projected life span or date

30  of death of one or more viators;

31         (b)  If a return is represented, the disclosure shall

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    10:20 AM   04/21/98                             s2004c1c-16k3c




                                                  SENATE AMENDMENT

    Bill No. CS for SB 2004

    Amendment No.    





 1  indicate the projected life span or date of death of the

 2  viator or viators whose life or lives are tied to the return.

 3         (c)  If required by the terms of the investment

 4  contract, that the investor may be responsible for the payment

 5  of insurance premiums on the life of the viator or late or

 6  surrender fees or other costs related to the life insurance

 7  policy on the life of the viator or viators which may reduce

 8  the return.

 9         (d)  The amount of any trust fees or other expenses, if

10  any, to be charged to the investor.

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12  The written disclosure required under this subsection shall be

13  conspicuously displayed in any investment agreement, and any

14  solicitation material furnished to the investor by such

15  provider, trust or person, and shall be in contrasting color

16  and in not less than 10 point type or no smaller than the

17  largest type on the page if larger than 10 point type.

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19  (Redesignate subsequent sections.)

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22  ================ T I T L E   A M E N D M E N T ===============

23  And the title is amended as follows:

24         On page 1, line 14, after the semicolon

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26  insert:

27         creating s. 626.99235, F.S.; prohibiting

28         misrepresentation; providing disclosure of

29         required information;

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    10:20 AM   04/21/98                             s2004c1c-16k3c