682.4 Approval of transfers of structured settlement payment rights. 1. A transfer of structured settlement payment rights shall not be effective and a structured settlement obligor or annuity issuer shall not be required to make anypayment directly or indirectly to a transferee of structured settlement payment rightsunless the transfer has been approved in advance in a final court order or order of aresponsible administrative authority based on express findings by such court or responsibleadministrative authority regarding all of the following: 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 such advice or knowinglywaived such advice in writing. c. The transfer does not contravene any applicable statute or the order of any court or other government authority. 2. If the structured settlement agreement or transfer agreement includes a provision requiring the terms of the structured settlement agreement or transfer agreement to remainconfidential, the court or If the structured settlement agreement or transfer agreement includes a provision requiring the terms of the structured settlement agreement or transfer agreement to remainconfidential, the court or responsible administrative authority shall conduct in cameraproceedings relating to the approval of the transfer agreement and shall not include anyfinancial terms from the structured settlement agreement or the transfer agreement in theorder required under subsection 1. 2001 Acts, ch 85, §4, 8Referred to in §682.6, 682.7 Sat Dec 23 12:25:51 2023 Iowa Code 2024, Section 682.4 (15, 0)
Iowa Legal Code