The Florida Senate

626.99235  Disclosures to investors; misrepresentations.--

(1)  No person shall misrepresent the nature of the return or the duration of time to obtain the return of any investment related to one or more viatical settlements sold by a viatical settlement provider or related provider trust.

(2)  The viatical settlement provider, itself or through another person, shall provide in writing the following disclosures to any investor or investor prospect:

(a)  That the return available under the viatical investment is directly tied to the projected life span or date of death of one or more viators;

(b)  If a return is represented, the disclosure shall indicate the projected life span or date of death of the viator or viators whose life or lives are tied to the return.

(c)  If required by the terms of the investment contract, that the investor may be responsible for the payment of insurance premiums on the life of the viator or late or surrender fees or other costs related to the life insurance policy on the life of the viator or viators which may reduce the return.

(d)  The amount of any trust fees or other expenses, if any, to be charged to the investor.

The written disclosure required under this subsection shall be conspicuously displayed in any investment agreement, and any solicitation material furnished to the investor by such provider, trust or person, and shall be in contrasting color and in not less than 10-point type or no smaller than the largest type on the page if larger than 10-point type.

History.--s. 5, ch. 98-164.