(1) Checks or other forms of payment returned
to the Secretary of State because of nonpayment and/or charge backs of credit
card or debit card payments (hereinafter referred to as the "dishonored" or
"dishonored payment") shall be processed according to the following procedures:
(a)
Pending Filings.
1. The filing for which the payment was made
shall be placed in "pending," "hold," or similar status and the nonpayment of
fees noted upon the records of the Secretary of State;
2. A notice of nonpayment demanding immediate
payment shall be issued to the person who submitted the payment;
3. If payment is not received within sixty
(60) calendar days from the date of notice of nonpayment, the filing will be
deemed abandoned as provided in Rule 590-7-29-.05(3); and
4. If the filing is deemed abandoned, all
records pertaining to the filing shall be destroyed and a new filing, including
the payment of filing fees, shall be required. Any filing fees submitted with
the new filing may be required to be paid by cashier's check or United States
Postal Service money order.
(b)
Completed Filings.
1. The structured settlement purchase company
for which the filing was made shall be deemed to be not in good standing by the
Secretary of State. The records of the structured settlement purchase company
maintained by the Secretary of State shall be marked to show such status and to
show the nonpayment of fees;
2. A
notice of nonpayment demanding immediate payment shall be issued to the person
who submitted payment;
3. If
payment is not received within sixty (60) calendar days from the date of the
notice of nonpayment, written notice shall be issued stating the Secretary of
State's intent to revoke the structured settlement purchase company's
registration and the grounds therefore. A copy of the notice of nonpayment may
be attached to the notice of intent to revoke and mailed to the structured
settlement purchase company at the last known address of its principal office;
and
4. If payment is not received
sixty (60) calendar days from the date of the notice of intent to revoke, the
structured settlement purchase company's registration shall be revoked.
(c)
Services.1. The records of the
Secretary of State for the structured settlement purchase company, entity or
person which requested the services shall be marked to reflect nonpayment for
the services performed;
2. A notice
of nonpayment demanding immediate payment shall be issued to the structured
settlement purchase company, entity or person who submitted payment;
and
3. If payment is not received
within thirty (30) calendar days from the date of notice of nonpayment, a
second notice will be issued to the structured settlement purchase company,
entity or person who requested the service. The notice shall state that if
payment is not made immediately, all payments for services, fees and filings
submitted by the structured settlement purchase company, entity or person shall
be required to be made by cashier's check or United States Postal Service money
order.
(2)
Subsequent requests for services or subsequently submitted filings from any
structured settlement purchase company, entity or person that has submitted
payment which has been dishonored may be required to be accompanied by
cashier's check or United States Postal Service money order.
(3) Payments tendered for returned checks
which are also dishonored shall be redeemed by cashier's check or United States
Postal Service money order only.
(4) The Secretary of State may require the
payment of any service charge in addition to the amount owed as a result of any
dishonored payment. Such service charge shall be published in the fee schedule
maintained by the Secretary of State.
(5) The records of the Secretary of State may
be marked to show nonpayment status for any structured settlement purchase
company, entity, or person that has submitted payment which has been
dishonored.
Original Rule entitled "Dishonored Payments" adopted.F.
Apr. 27, 2022; eff.
May 17,
2022.
