FL S1578

Amends Florida law to require court orders authorizing transfers of structured settlement payment rights be based on written express findings of the court.

Establishes a cap on discount rates used in structured settlement transfers: the annual percentage rate cannot exceed the prime rate plus 5 percentage points, with the prime rate determined by Federal Reserve Statistical Release H.15 as of the first Monday of the month the transfer agreement is signed.

Requires transferees to provide payees with detailed disclosure statements at least 10 days before incurring any transfer obligation, including payment amounts, fees, net amount payable, and effective annual interest rates.

Maintains existing requirements that payees establish the transfer is in their best interests, receive independent professional advice, and that courts determine the net amount payable is fair and reasonable.

Takes effect July 1, 2014.