Code of the District of Columbia

§ 28A–105. Approval of transfers by the court.

(a) 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 or assignee of structured settlement payment rights unless the transferee has provided the payee and other interested parties with the disclosures required by § 28A-103, and the transfer has been approved in advance in a final order of a court of competent jurisdiction based on express findings that:

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

(2) The transfer does not contravene any applicable statute or the order of any court or other government authority;

(3) 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 in writing the opportunity to seek and receive such advice; and

(4) The transfer satisfies all other requirements of this chapter.

(b) In determining whether a transfer is in the best interest of the payee, considering the welfare and support of the payee's dependents, the court may consider any relevant information, including:

(1) The age and maturity of the payee;

(2) Whether the payee understands the terms and financial implications of the transfer;

(3) Whether the financial and other terms of the transfer are fair and reasonable;

(4) The payee's stated purposes for the transfer and whether the payee has considered other options for accomplishing those purposes;

(5) Changes in the payee's personal, family, or financial circumstances since the date of the structured settlement agreement;

(6) The summary filed with the court under § 28A-104(d)(5); and

(7) The remaining payments that the payee will receive under the structured settlement if the court approves the transfer.