Assembly Bill A1270A

2021-2022 Legislative Session

Relates to consumer litigation funding

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

multi-Sponsors

2021-A1270 - Details

Current Committee:
Assembly Codes
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-mmm, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2017-2018: A11257
2019-2020: A6764
2023-2024: A115

2021-A1270 - Summary

Enacts the consumer litigation funding act to promote consumer protections related to consumer litigation funding transactions; provides for contract requirements, including that the contract contain a no penalty provision for the prepayment of the funded amount prior to the settlement of his or her case; makes related provisions.

2021-A1270 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1270
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 8, 2021
                                ___________
 
 Introduced  by  M.  of  A. MAGNARELLI, SIMON, SAYEGH, BUTTENSCHON, COOK,
   WILLIAMS, BARRON, GUNTHER, NOLAN, DINOWITZ, DICKENS, STIRPE --  Multi-
   Sponsored  by  --  M.  of  A. GRIFFIN -- read once and referred to the
   Committee on Consumer Affairs and Protection
 
 AN ACT to amend the general business law, in relation to consumer  liti-
   gation funding

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "consumer litigation funding act".
   §  2. Legislative intent. In an effort to promote consumer protections
 related to consumer litigation funding  transactions,  this  act  estab-
 lishes  that such transactions should be subject to state regulation and
 sets forth requirements regarding disclosure, licensing, funding company
 and attorney responsibilities  and  limitations,  violations  and  other
 items.
   §  3. The general business law is amended by adding a new article 39-H
 to read as follows:
                               ARTICLE 39-H
                     THIRD PARTY LITIGATION FINANCING
 SECTION 899-CCC. DEFINITIONS.
         899-DDD. CONTRACT REQUIREMENTS; RIGHT OF RESCISSION.
         899-EEE. PROHIBITIONS AND CHARGE LIMITATIONS.
         899-FFF. CONTRACTED AMOUNTS.
         899-GGG. DISCLOSURES.
         899-HHH. VIOLATIONS.
         899-III. ASSIGNABILITY; LIENS.
         899-JJJ. EFFECT OF COMMUNICATION ON PRIVILEGES.
         899-KKK. REGISTRATION.
         899-LLL. REPORTING.
         899-MMM. SEVERABILITY.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

multi-Sponsors

2021-A1270A (ACTIVE) - Details

Current Committee:
Assembly Codes
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-mmm, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2017-2018: A11257
2019-2020: A6764
2023-2024: A115

2021-A1270A (ACTIVE) - Summary

Enacts the consumer litigation funding act to promote consumer protections related to consumer litigation funding transactions; provides for contract requirements, including that the contract contain a no penalty provision for the prepayment of the funded amount prior to the settlement of his or her case; makes related provisions.

2021-A1270A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1270--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 8, 2021
                                ___________
 
 Introduced  by  M.  of  A. MAGNARELLI, SIMON, SAYEGH, BUTTENSCHON, COOK,
   WILLIAMS, GUNTHER, NOLAN, DINOWITZ, DICKENS, STIRPE, WALLACE,  HEVESI,
   JACKSON,  GONZALEZ-ROJAS, BURGOS, GALEF -- Multi-Sponsored by -- M. of
   A. GRIFFIN -- read once and referred  to  the  Committee  on  Consumer
   Affairs  and  Protection  --  recommitted to the Committee on Consumer
   Affairs and Protection in accordance with Assembly Rule 3, sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 AN ACT to amend the general business law, in relation to consumer  liti-
   gation funding
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "consumer litigation funding act".
   §  2. Legislative intent. In an effort to promote consumer protections
 related to consumer litigation funding  transactions,  this  act  estab-
 lishes  that such transactions should be subject to state regulation and
 sets forth requirements regarding disclosure, licensing, funding company
 and attorney responsibilities  and  limitations,  violations  and  other
 items.
   §  3. The general business law is amended by adding a new article 39-H
 to read as follows:
                               ARTICLE 39-H
                     THIRD PARTY LITIGATION FINANCING
 SECTION 899-CCC. DEFINITIONS.
         899-DDD. CONTRACT REQUIREMENTS; RIGHT OF RESCISSION.
         899-EEE. PROHIBITIONS AND CHARGE LIMITATIONS.
         899-FFF. CONTRACTED AMOUNTS.
         899-GGG. DISCLOSURES.
         899-HHH. VIOLATIONS.
         899-III. ASSIGNABILITY; LIENS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00982-02-2
              

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