(a)    A direct or indirect transfer of structured settlement payment rights to a transferee is effective as provided in this subtitle.

(b)    A structured settlement obligor or annuity issuer may not make any payment directly or indirectly to a transferee of structured settlement payment rights unless the transfer is authorized in an order of a court based on express findings that:

(1)    The transfer is necessary, reasonable, and appropriate and in the best interest of the payee, taking into account the welfare and support of the payee’s dependents;

(2)    The financial terms of the transfer agreement are fair to all parties, taking into account:

(i)    The difference between the amount payable to the payee and the discounted present value of the payments to be transferred; and

(ii)    The discount rate applicable to the transfer;

(3)    The payee received independent professional advice concerning the proposed transfer; and

(4)    At least 10 days before the date on which the payee signed the transfer agreement, the transferee provided to the payee a separate disclosure statement, in at least 14 point boldface type, that states:

(i)    The amounts and due dates of the structured settlement payments to be transferred;

(ii)    The aggregate amount of the payments to be transferred;

(iii)    The discounted present value of the payments to be transferred;

(iv)    The amount payable to the payee in exchange for the payments to be transferred;

(v)    An itemized listing of all brokers’ commissions, service charges, application fees, processing fees, closing costs, filing fees, administrative fees, notary fees, and other charges payable by the payee or deductible from the gross amount otherwise payable to the payee, except attorney’s fees and related disbursements;

(vi)    The transferee’s best estimate of the amount of any attorney’s fees and disbursements payable by the payee or deductible from the gross amount otherwise payable to the payee;

(vii)    The net amount payable to the payee after deduction of all commissions, fees, costs, expenses, and charges described in items (v) and (vi) of this item;

(viii)    The discount rate applicable to the transfer, which shall be disclosed in the following statement: “Based on the net amount that you will receive from us and the amounts and timing of the structured settlement payments that you are transferring to us, you will, in effect, be paying interest to us at a rate of __ percent per year.”;

(ix)    The amount of any penalty or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; and

(x)    A statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, at any time before the transfer is authorized by a court under this subtitle.