§ 7818. Nonconforming contracts. (a) Except as otherwise specifically
provided in this chapter, any life settlement contract subject to this
chapter that is in violation of any of the provisions of this chapter
shall be valid and binding upon the life settlement provider, but in all
respects in which the contract's provisions are in violation of the
requirements or prohibitions of this chapter it shall be enforceable as
if it conformed with such requirements or prohibitions.

(b) In any action to recover under the provisions of any life
settlement contract that the superintendent is authorized by this
chapter to approve, if in the superintendent's opinion the provisions of
this chapter are more favorable to owners, the court shall enforce such
contract as if its provisions were the same as those specified in this
chapter unless the court finds that the actual provisions of the
contract were more favorable to owners at the date when the contract was
entered into.