The proposed 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 bill outlines specific factors that the guardian ad litem must consider, including the payee's preferences, financial obligations, and the potential impact of the transfer on public benefits eligibility. Additionally, the guardian ad litem is permitted to seek professional advice from certified public accountants or actuaries, with all associated costs covered by the transferee.

The bill also establishes procedural requirements for the approval of transfers, including the need for the transferee to file a notice of the proposed transfer with the court and serve it to all interested parties at least twenty days before the hearing. The guardian ad litem is required to submit an interim report ten days prior to the hearing, with responses to this report due five days before the hearing. A final report must be filed two days before the scheduled hearing, ensuring that the court has all necessary information to make an informed decision regarding the transfer.

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