Sacramento— Yesterday, Assemblyman Curt Hagman (R- Chino Hills) presented AB 1332 before the Assembly Floor and it passed with a 67-0 vote.
“AB 1332 is necessary to correct an outdated statute, one that discriminates against lottery winners who elect to receive their winnings in installment payments rather than a lump sum,” said Assemblyman Hagman. “This bill would correct this unfairness and permit winners who are receiving their prize in installments to sell their last three years of payments or any part thereof,” added Hagman.
Assembly Bill 1332 would allow California State Lottery prize winners to assign any portion of their last three years of prize winnings to another person or entity. By allowing victors access to the value of the last three years of payments, lottery winners whose last three years are far into the future can access the value of the payments today and meet their current financial obligations.
This bill benefits both consumers and the State of California. The consumer benefits because he or she is able to receive his or her money in today’s dollars to satisfy immediate and urgent needs. The State benefits because the lottery winner must satisfy all outstanding liens and judgments before assigning any portion of their remaining winnings.