1. (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:

   1. (a) The transfer is in the best interests of the payee, taking into account the welfare and support of the payee's dependents;
   2. (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
   3. (c) The transfer does not contravene any applicable statute or the order of any court or other government authority.

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