59.1-476 - Approval of transfers of structured settlement payment rights. - Virginia Statutes

§ 59.1-476. Approval of transfers of structured settlement payment rights.

No direct or indirect transfer of structured settlement payment rights shallbe effective and no structured settlement obligor or annuity issuer shall berequired to make any payment directly or indirectly to any transferee ofstructured settlement payment rights unless the transfer has been authorizedin advance in a final court order or order of a responsible administrativeauthority based on express findings by such court or responsibleadministrative authority that:

1. The transfer is in the best interest of the payee, taking into account thewelfare and support of the payee's dependents;

2. The payee has been advised in writing by the transferee to seekindependent professional advice regarding the transfer and has eitherreceived such advice or knowingly waived such advice in writing; and

3. The transfer does not contravene any applicable statute or the order ofany court or other government authority.

(1999, c. 993; 2001, c. 537.)