Approval of transfers of structured settlement payment rights

§ 5-1706. Approval of transfers of structured settlement payment\nrights. No direct or indirect transfer of structured settlement payment\nrights shall be effective and no structured settlement obligor or\nannuity issuer shall be required to make any payment directly or\nindirectly to any transferee of structured settlement payment rights\nunless the transfer has been authorized in advance in a final order of a\ncourt of competent jurisdiction based upon express findings by such\ncourt that:\n (a) the transfer complies with the requirements of this title;\n (b) the transfer is in the best interest of the payee, taking into\naccount the welfare and support of the payee's dependants; and whether\nthe transaction, including the discount rate used to determine the gross\nadvance amount and the fees and expenses used to determine the net\nadvance amount, are fair and reasonable. Provided the court makes the\nfindings as outlined in this subdivision, there is no requirement for\nthe court to find that an applicant is suffering from a hardship to\napprove the transfer of structured settlement payments under this\nsubdivision;\n (c) the payee has been advised in writing by the transferee to seek\nindependent professional advice regarding the transfer and has either\nreceived such advice or knowingly waived such advice in writing;\n (d) the transfer does not contravene any applicable statute or the\norder of any court or other government authority; and\n (e) is written in plain language and in compliance with section 5-702\nof this article.\n