                                 CODE OF VIRGINIA

PROCEDURE FOR APPROVAL OF TRANSFERS (§ 59.1-477)

A. An application under this chapter for approval of a transfer of structured
settlement payment rights shall be made by the transferee and shall be brought
in the circuit court for the county or city in which the payee is domiciled in
the Commonwealth, except that if the payee is not domiciled in the Commonwealth,
the application may be brought in the court in the Commonwealth that approved
the structured settlement agreement. The circuit court may refer the matter to a
commissioner of accounts for a report to such court and a recommendation on the
findings required by &#xA7; 59.1-476. Such report and recommendation shall be
filed with the court and mailed to all interested parties served under
subsection B of this section, and such report and recommendation and any
exceptions thereto shall be examined by the court and confirmed or corrected as
provided in &#xA7; 64.2-1212.

B. A timely hearing shall be held on an application for approval of a transfer
of structured settlement payment rights. The payee shall appear in person at the
hearing unless the court determines that good cause exists to excuse the payee
from appearing in person. Not less than 20 days prior to the scheduled hearing
on an application for approval of a transfer of structured settlement payment
rights under § 59.1-476, the transferee shall file with the court and serve on
all interested parties a notice of the proposed transfer and the application for
its approval. In addition to complying with the other requirements of this
chapter, the application shall include:

   1. A copy of the transfer agreement;

   2. A copy of the disclosure statement required under &#xA7; 59.1-475.1;

   3. The payee&#8217;s name, age, and county or city of domicile and the number
   and ages of each of the payee&#8217;s dependents;

   4. A summary of:
   				a. Any prior transfers by the payee to the transferee or an affiliate, or
   through the transferee or an affiliate to an assignee, within the four years
   preceding the date of the transfer agreement and any proposed transfers by the
   payee to the transferee or an affiliate, or through the transferee or an
   affiliate, applications for approval of which were denied within the two years
   preceding the date of the transfer agreement; and
   				b. Any prior transfers by the payee to any person or entity other than the
   transferee or an affiliate or an assignee of the transferee or an affiliate
   within the three years preceding the date of the transfer agreement and any
   prior proposed transfers by the payee to any person or entity other than the
   transferee or an affiliate or an assignee of a transferee or affiliate,
   applications for approval of which were denied within the one year preceding
   the date of the current transfer agreement, to the extent that the transfers
   or proposed transfers have been disclosed to the transferee by the payee in
   writing or otherwise are actually known by the transferee;

   5. Notification that any interested party is entitled to support, oppose or
   otherwise respond to the transferee&#8217;s application, either in person or
   by counsel, by submitting written comments to the court or by participating in
   the hearing; and

   6. Notification of the time and place of the hearing and notification of the
   manner in which and the time by which written responses to the application
   must be filed, which shall be not less than five days prior to the hearing, in
   order to be considered by the court.

HISTORY: 1999, c. 993; 2001, c. 537; 2016, cc. 273, 739.