(1) No direct or indirect transfer of structured settlement payment rights may take effect and no structured settlement obligor or annuity issuer may be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless, after the hearing required under s. 895.69 (2), the transfer has been approved in advance in a final court order based on express findings by the court that all of the following are true: (a) The transfer is in the best interest of the payee, taking into account the welfare and support of the payee’s dependents. (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 waived in writing the opportunity to seek and receive such advice. (c) The transfer does not contravene any applicable statute or the order of any court or other government authority. (2) A court may consider any of the following when making a determination under sub. (1) (a): (a) Whether the payee understands the financial ramifications of the transfer agreement and is entering into the agreement voluntarily. (b) The financial terms of the transfer agreement. (c) Whether the payee is delinquent in the payment of taxes in this state or in any payments required to be made pursuant to a restitution order in a criminal or juvenile delinquency proceeding, or pursuant to a child support order. (d) Any other considerations the court deems appropriate. (3) In addition to the considerations in sub. (2), if the payee is a minor or has been adjudicated incompetent, the court shall consider all of the following when making a determination under sub. (1) (a): (a) The physical and mental health of the payee. (b) The payee’s overall financial situation.
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