A transfer of structured settlement payment rights is void unless a court reviews and approves the transfer and finds the following conditions are met:
(a) The transfer of the structured settlement payment rights is fair and reasonable and in the best interest of the payee, taking into account the welfare and support of his or her dependents.
(b) The transfer complies with the requirements of this article, will not contravene other applicable law, and the court has reviewed and approved the transfer as provided in Section 10139.5.
(Amended by Stats. 2009, Ch. 593, Sec. 4. (SB 510) Effective January 1, 2010.)
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