Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

215 ILCS 153/15

(215 ILCS 153/15)

Sec. 15. 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.)