(a) A petition for a transfer of structured settlement payment rights under § 5–1102 of this subtitle shall be filed:
(1) If the payee resides in this State, in the circuit court for the county in which the payee resides; or
(2) If the payee does not reside in this State, in the circuit court:
(i) That approved the structured settlement agreement; or
(ii) In which the settled claim was pending when the parties entered into the structured settlement agreement, if the structured settlement was not court approved.
(b) A transferee shall file with the court and serve on the interested parties at least 20 days before the hearing on the petition, a notice of the proposed transfer and a petition for its authorization, including:
(1) A copy of the transferee’s petition;
(2) A copy of the transfer agreement; and
(3) Notification:
(i) Of the time and place of the hearing; and
(ii) That each interested party is entitled to support, oppose, or otherwise respond to the transferee’s petition, in person or by counsel, by submitting written comments to the court or by participating in the hearing.