Litigation Financing

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S705

Consumer Protection, lawsuit lending, Litigation Financing, Small Business

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 pre-payment of the funded amount prior to the settlement of his or her case; makes related provisions.

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed/Vetoed by Governor

January 05, 2022

In Senate Committee Consumer Protection Committee

S4478

Business Protection, Consumer Protection, Contract Regulations, lawsuit lending, Litigation Financing

Establishes contract requirements for third party litigation financing which includes requiring contracts to contain a right of rescission, a written acknowledgement by the attorney retained, a clear outline of the scheduled fee structure and a no penalty provision.