§ 5-1706. Approval of transfers of structured settlement payment
rights. 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 authorized in advance in a final order of a
court of competent jurisdiction based upon express findings by such
court that:

(a) the transfer complies with the requirements of this title;

(b) the transfer is in the best interest of the payee, taking into
account the welfare and support of the payee's dependants; and whether
the transaction, including the discount rate used to determine the gross
advance amount and the fees and expenses used to determine the net
advance amount, are fair and reasonable. Provided the court makes the
findings as outlined in this subdivision, there is no requirement for
the court to find that an applicant is suffering from a hardship to
approve the transfer of structured settlement payments under this
subdivision;

(c) 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;

(d) the transfer does not contravene any applicable statute or the
order of any court or other government authority; and

(e) is written in plain language and in compliance with section 5-702
of this article.