2006 New York Code - Approval Of Transfers Of Structured Settlement Payment Rights.

 
    §  5-1706.  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 authorized in advance in a final order of a
  court  of  competent  jurisdiction  based  upon express findings by such
  court that:
    (a) the transfer complies with the requirements of this title;
    (b) the transfer is in the best interest of  the  payee,  taking  into
  account  the  welfare and support of the payee's dependants; and whether
  the transaction, including the discount rate used to determine the gross
  advance amount and the fees and  expenses  used  to  determine  the  net
  advance  amount,  are  fair and reasonable. Provided the court makes the
  findings as outlined in this subdivision, there is  no  requirement  for
  the  court  to  find  that  an applicant is suffering from a hardship to
  approve the  transfer  of  structured  settlement  payments  under  this
  subdivision;
    (c)  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 such advice in writing;
    (d)  the  transfer  does  not contravene any applicable statute or the
  order of any court or other government authority; and
    (e) is written in plain language and in compliance with section  5-702
  of this article.