The bill amends the Structured Settlement Protection Act to require the appointment of a guardian ad litem in all structured settlement transfers. This guardian will conduct an independent assessment to determine whether the proposed transfer is in the best interests of the payee. The guardian ad litem is tasked with considering various factors, including the payee's preferences, financial obligations, and the impact of the transfer on public benefits eligibility. Additionally, the guardian may seek advice from licensed professionals, with all associated costs covered by the transferee.

Key procedural changes include the requirement for the transferee to file a notice of the proposed transfer at least twenty days before the hearing, which must include detailed documentation such as the transfer agreement and a disclosure statement. The guardian ad litem is also mandated to submit an interim report ten days prior to the hearing and a final report two days before the hearing, allowing for written responses to be filed in a timely manner. These amendments aim to enhance the protection of payees in structured settlement transactions by ensuring that their interests are adequately represented and assessed.

Statutes affected:
introduced version: 39-1A-1, 39-1A-6