(215 ILCS 153/30)
General provisions; construction.
(a) The provisions of this Act may not be waived by any payee.
(b) Any transfer agreement entered into on or after the effective
date of this Act by a payee who is domiciled in this State shall provide that
under the transfer agreement, including any claim that the payee has breached
the agreement, shall be determined in and under the laws of this State. No such
transfer agreement shall authorize the transferee or any other party to confess
judgment or consent to entry of judgment against the payee.
(c) No transfer of structured settlement payment rights shall extend
to any payments that are life-contingent unless, prior to the date on which the
payee signs the transfer agreement, the transferee has established and has
agreed to maintain procedures reasonably satisfactory to the annuity issuer and
the structured settlement obligor for (1) periodically confirming the payee's
survival, and (2) giving the annuity issuer and the structured settlement
prompt written notice in the event of the payee's death.
(d) No payee who proposes to make a transfer of structured
settlement payment rights shall incur any penalty, forfeit any application fee
other payment, or otherwise incur any liability to the proposed transferee or
assignee based on any failure of the transfer to satisfy the conditions of this
(e) Nothing contained in this Act shall be construed to authorize
any transfer of structured settlement payment rights in contravention of any
law. A court shall not be precluded from hearing an application for approval of a transfer of payment rights under a structured settlement where the terms of the structured settlement prohibit sale, assignment, or encumbrance of such payment rights, nor shall the interested parties be precluded from waiving or asserting their rights under those terms. The court hearing an application for approval of a transfer of payment rights under such a settlement shall have authority to rule on the merits of the application and any objections to such application.
(f) Compliance with the requirements set forth in Section 10 of this
Act and fulfillment of the conditions set forth in Section 15 of this Act shall
solely the responsibility of the transferee in any transfer of structured
payment rights, and neither the structured settlement obligor nor the annuity
issuer shall bear any responsibility for, or any liability arising from,
non-compliance with those requirements or failure to fulfill those conditions.
(g) Following issuance of a court order approving a transfer of structured settlement payment rights under this Act, the structured settlement obligor and annuity issuer may rely on the court order in redirecting future structured settlement payments to the transferee or an assignee in accordance with the order.
(h) The changes made to this Section by this amendatory Act of the 99th General Assembly are declarative of existing law.
(Source: P.A. 99-286, eff. 8-5-15.)