§ 13-23-104 — Approval of transfers of structured settlement payment rights

(1) A direct or indirect transfer of a structured settlement payment right shall not
be effective and a structured settlement obligor or annuity issuer shall not be
required to make a payment directly or indirectly to a transferee of a structured
settlement payment right unless the transfer has been approved in advance in a
final court order or order of a responsible administrative authority based on express
findings by such court or responsible administrative authority that:

(a) The transfer is in the best interests of the payee, taking into account the
welfare and support of the payee's dependents;

(b) The payee has been advised in writing by the transferee to seek
independent professional advice regarding the transfer and has either received
such advice or knowingly and willingly waived such advice in writing; and

(c) The transfer does not contravene any applicable statute or the order of
any court or other government authority.

Legislative History

Source: L. 2004: Entire article added, p. 497, � 1, effective July 1.