§ 5-1102. Transfer of certain structured settlement payment rights

   (a) In general. -- A direct or indirect transfer of structured settlement payment rights to a transferee is effective as provided in this subtitle.

(b) Payments to transferee authorized in certain circumstances. -- A structured settlement obligor or annuity issuer may not make any payment directly or indirectly to a transferee of structured settlement payment rights unless the transfer is authorized in an order of a court based on a finding that:

   (1) The transfer is necessary, reasonable, or appropriate;

   (2) The transfer is not expected to subject the payee, the payee's dependents, or both, to undue or unreasonable financial hardship in the future;

   (3) The payee received independent professional advice regarding the legal, tax, and financial implications of the transfer; and

   (4) The transferee disclosed to the payee the discounted present value.

HISTORY: 2000, ch. 366.