§ 1-16-604 — 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 in a final court order based on express
findings by the court that:
(i) The transfer is in the best interest of the
payee, taking into account the welfare and support of the
payee's dependents;
(ii) 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 waived
such advice in writing; and
(iii) The transfer does not contravene any applicable
statute or the order of any court or other government authority.