No direct or indirect transfer of structured settlement payment rights is effective and no structured settlement obligor or annuity issuer is 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 or order of a responsible administrative authority based on the following express findings by such court or responsible administrative authority:

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

Source: SL 2001, ch 106 , § 3.