§ 27-9.3-4 - Approval of transfers of structured settlement payment rights. - Rhode Island Statutes

SECTION 27-9.3-4

   § 27-9.3-4  Approval of transfers ofstructured settlement payment rights. – (a) No direct or indirect transfer of structured settlement payment rightsshall be effective and no structured settlement obligor or annuity issuer shallbe required to make any payment directly or indirectly to any transferee ofstructured settlement payment rights unless the transfer has been approved inadvance by a final court order of the superior court for the county in whichthe payee resides finding that:

   (1) The transfer is in the best interest of the payee, takinginto account the welfare and support of the payee's dependents; and

   (2) The payee has been advised in writing by the transfereeto seek independent professional advice regarding the transfer and has eitherreceived independent professional advice or knowingly waived the advice inwriting; and

   (3) The transfer does not contravene any applicable statuteor the order of any court or other government authority.

   (b) The payee shall have the right to cancel the transferagreement, without penalty or further obligation, not later than the third(3rd) business day after the date the transfer agreement is signed by the payee.