§ 27-9.3-4 — § 27-9.3-4. Approval of transfers of structured settlement payment rights.

Rhode Island § 27-9.3-4

• Jurisdiction: Rhode Island
• Title 27: Insurance
• Ch. 27-9.3: State Structured Settlement Protection Act

Text

§ 27-9.3-4. Approval of transfers of structured settlement payment rights.

(a) No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved in advance by a final court order of the superior court for the county in which the payee resides finding that:

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

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

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

(b) The payee shall have the right to cancel the transfer agreement, without penalty or further obligation, not later than the third (3rd) business day after the date the transfer agreement is signed by the payee.

Legislative History

P.L. 2001, ch. 226, § 1.