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 based on express findings by the court that:
A. the transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents;
B. 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
C. the transfer does not contravene any applicable statute or an order of any court or other governmental authority.
History: Laws 2005, ch. 135, § 4.
Effective dates. — Laws 2005, ch. 135, § 8 makes the act effective July 1, 2005.
Structure New Mexico Statutes
Chapter 39 - Judgments, Costs, Appeals
Article 1A - Structured Settlement Protection Act
Section 39-1A-1 - Short title.
Section 39-1A-2 - Definitions.
Section 39-1A-3 - Required disclosures to payee.
Section 39-1A-4 - Approval of transfers of structured settlement payment rights.
Section 39-1A-5 - Effects of transfer of structured settlement payment rights.