[§676‑3]  Approval of transfers of
structured settlement payment rights.  No direct or indirect transfer of
structured settlement payment rights shall be effective and no structured
settlement obligor or annuity issuer shall be required to make any payment
directly or indirectly to any transferee of structured settlement payment
rights, unless the transfer has been approved in advance in a final court order
or order of a responsible administrative authority based upon express findings
by the court or responsible administrative authority that:



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



(2)  The payee has been advised in writing by the
transferee to seek independent professional advice regarding the transfer and
has either received the advice or knowingly waived the advice in writing; and



(3)  The transfer does not contravene any applicable
statute or the order of any court or other government authority. [L 2006, c
146, pt of §1]