FL H1251

Amends Florida Statutes section 626.99296 to establish requirements for court approval of structured settlement payment transfers, requiring a final court order based on written findings before any transfer is effective.

Requires transferees to provide payees a disclosure statement in bold 14-point font at least 10 days before the payee incurs any obligation, detailing payment amounts, present values, fees, net amounts, and effective annual interest rates.

Establishes eight conditions for valid transfers including: compliance with law, independent professional advice for payees, best interest determinations, transferee notification to annuity issuers, venue in payee's domicile state, and court determination that the net payment is fair and reasonable.

Limits the discount rate used in calculating net payments to the payee to no more than prime plus 5 percentage points, using the Federal Reserve prime rate from the first Monday of the month the transfer agreement is signed.

Takes effect July 1, 2014.