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granted by the viator retained to represent the viator and whose | | compensation is paid solely by the viator without regard to whether | | the settlement is effected. "Settlement producer" does not include | | a credit union or an employer or association that makes its | | employees or members aware of settlement contracts.__Irrespective | | of the manner in which the settlement producer is compensated, a | | settlement producer is deemed to represent only the interests of | | the viator and owes a fiduciary duty to the viator. |
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| | | 11. Settlement provider.__"Settlement provider" means a person | | other than the viator that enters into or effectuates a | | settlement contract.__"Settlement provider" does not include: |
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| | | A.__A bank, savings bank, savings and loan association, | | credit union or other licensed lending institution that | | takes an assignment of a life insurance policy as collateral | | for a loan; |
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| | | B.__The issuer of a life insurance policy providing | | accelerated benefits under section 2555 and pursuant to the | | contract; |
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| | | C.__An authorized or eligible insurer that provides stop- | | loss coverage to a settlement provider, purchaser, financing | | entity, special purpose entity or related provider trust; |
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| | | D.__A viator's friend or family member or other natural | | person who enters into no more than one agreement in a | | calendar year for the assignment, transfer, sale, devise or | | bequest of a life insurance policy for any value less than | | the expected death benefit; |
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| | | F.__A special purpose entity; |
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| | | G.__A related provider trust; |
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| | | H.__A settlement purchaser; or |
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| | | I.__An accredited investor or qualified institutional buyer | | as defined respectively in Regulation D, Rule 501 and Rule | | 144A of the Federal Securities Act of 1933, as amended, and | | who acquires a policy from a settlement provider. |
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| | | 12.__Special purpose entity.__"Special purpose entity" means a | | corporation, partnership, trust, limited liability company or__ | | similar entity formed solely to provide either directly or |
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