A direct or indirect transfer of structured settlement payment rights is not effective, and a structured settlement obligor or annuity issuer is not required to make any payment directly or indirectly to any transferee or assignee 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 all of the following apply: 1. The transfer is in the best interest of the payee, taking into account the welfare and support of the payees dependents, if any; 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 in writing the opportunity to seek and receive such advice; and 3. The transfer does not contravene any applicable statute or any applicable order of any court or other governmental authority.
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