VIATICAL & LIFE SETTLEMENTS CONSUMER INFO

for Prudent Sellers and Investors

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Licensed Viatical Settlement Companies

Disclaimer: These lists are provided for informational purposes only. We have no connection or influence with any viatical companies, and cannot recommend or endorse any particular funding firm or broker. Although licensed companies are welcome to establish reciprocal links for the benefit of consumers, these links are not endorsements of any products or services of such sites, and no information in such site has been endorsed or approved by this site.

HOW TO USE THESE LISTS:

The first list is based on companies authorized to do business in California. Why begin with California? It was the first state to regulate viatical contracts and, due to its huge population, had more companies eager for California licenses than elsewhere. At one time California was considered to have stringent licensing requirements -- but no longer. More than one questionable company slipped through and was granted a license.

Among the problems that plague California viatical regulation: lack of any provision for fingerprint checks or background investigation coupled with lack of enforcement. The result: Viators who trust California licensing to protect them may be at greater risk than before there was any viatical regulation.

So how can you use licensing? Use it to reject a company. Scratch any company not authorized to do business in two of the following states: California, New York, Washington, Florida. Any company not licensed in at least 2 of these states should be held suspect. Any company licensed in three or more of these states should be at the top of your list.

By contrast, ignore any company that is registered in Texas or Illinois but not in Florida, Washington, New York, or California. Texas and Illinois have an open-door policy. Any company whose check clears can operate in those states.

Unfortunately, in the best of situations licensing is no more than a starting point. New York took to task Viaticare and Portsmouth, after finding these companies violated the state viatical statute. Minnesota subjected Kelco, Inc. to regulatory action when it found the company did not pay the statutory minimum to a viator. As a result of Minnesota's action, Kelco paid the viator what was due and also paid a penalty in excess of $18,000 and an administrative fine.

These actions are extremely rare, which is what makes them noteworthy.

Viators, their loved ones, and their advisors need to approach these transactions with great care. Read the contract. Read every document before you sign, or get someone to do it for you. If you doubt these warnings and the ineffectiveness of state viatical law, read what Robert Hunter has to say.

State viatical laws offer some protection, but not much.
To read about state viatical laws, click HERE

California licensed Viatical Companies

Skip to Florida licensed Viatical Providers

Skip to New York Licensed Viatical Providers