215 ILCS 153/15
Approval of transfers of structured settlement payment rights
Illinois · Illinois Compiled Statutes 215 ILCS 153 — Structured Settlement Protection Act. · Status: effective
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- Citation
- 215 ILCS 153/15, Approval of transfers of structured settlement payment rights, Illinois, version 1 as recorded 2026-08-14, yourstate.us, https://yourstate.us/provision/1285331
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Full text
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 based on express findings by such court 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 such advice or knowingly waived in writing the opportunity to seek and receive such advice; and (3) the transfer does not contravene any applicable statute or the order of any court or other government authority. (Source: P.A. 99-286, eff. 8-5-15.)