Assembly Bill A9241C

2015-2016 Legislative Session

Relates to third party litigation financing

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Sponsored By

Archive: Last Bill Status - On Floor Calendar


  • 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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Actions

Bill Amendments

co-Sponsors

multi-Sponsors

2015-A9241 - Details

See Senate Version of this Bill:
S8006
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-ggg, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2017-2018: S3911
2019-2020: S4478

2015-A9241 - Summary

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.

2015-A9241 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9241

                          I N  A S S E M B L Y

                            February 4, 2016
                               ___________

Introduced  by  M.  of  A.  SIMANOWITZ  -- read once and referred to the
  Committee on Consumer Affairs and Protection

AN ACT to amend the general business law, in  relation  to  third  party
  litigation financing

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. 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.
        899-EEE. PROHIBITIONS.
        899-FFF. REGISTRATION.
        899-GGG. PENALTY FOR VIOLATION.
  S 899-CCC. DEFINITIONS. AS USED IN THIS ARTICLE, THE  FOLLOWING  TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
  1. "CHARGES" SHALL MEAN THE AMOUNT OF MONEY TO BE PAID TO THE CONSUMER
LITIGATION  FUNDING  COMPANY THAT EXCEEDS THE FUNDED AMOUNT OF PRINCIPAL
LOAN.
  2. "CONSUMER LITIGATION FUNDING COMPANY" SHALL MEAN A PERSON OR ENTITY
THAT ENTERS INTO A NON-RECOURSE TRANSACTION WHEREIN THE COMPANY PROVIDES
FUNDS TO A CONSUMER ON THE CONTINGENT RIGHT TO RECEIVE THE FUNDED AMOUNT
AND AGREED UPON CHARGES OBTAINED IN THE EVENT OF A SETTLEMENT,  JUDGMENT
OR AWARD.
  3.  "FUNDED  AMOUNT"  SHALL  MEAN  THE AMOUNT OF MONEY PROVIDED TO THE
CONSUMER IN CONSUMER LITIGATION FINANCING.
  4. "RESOLUTION DATE" SHALL MEAN THE DATE THE FUNDED AMOUNT AND  AGREED
UPON CHARGES ARE DELIVERED TO THE CONSUMER LITIGATION FINANCING COMPANY.
  S  899-DDD.  CONTRACT REQUIREMENTS. 1. CONTRACTS SHALL CONTAIN A RIGHT
OF RESCISSION, ALLOWING THE CONSUMER TO CANCEL THE  CONTRACT  WITHOUT  A
PENALTY  IF  THE  CONSUMER RETURNS THE FULL AMOUNT OF DISBURSED FUNDS TO
THE COMPANY WITHIN TEN BUSINESS DAYS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13354-03-6
              

co-Sponsors

multi-Sponsors

2015-A9241A - Details

See Senate Version of this Bill:
S8006
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-ggg, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2017-2018: S3911
2019-2020: S4478

2015-A9241A - Summary

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.

2015-A9241A - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 9241--A

                          I N  A S S E M B L Y

                            February 4, 2016
                               ___________

Introduced  by  M.  of  A.  SIMANOWITZ,  GOTTFRIED, ZEBROWSKI, BRINDISI,
  TITONE, SEPULVEDA -- Multi-Sponsored by -- M.  of  A.  BRENNAN,  COOK,
  FRIEND,  ROBINSON, SIMON -- read once and referred to the Committee on
  Consumer Affairs and Protection -- committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend the general business law, in  relation  to  third  party
  litigation financing

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. 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.
        899-EEE. PROHIBITIONS.
        899-FFF. REGISTRATION.
        899-GGG. PENALTY FOR VIOLATION.
  S 899-CCC. DEFINITIONS. AS USED IN THIS ARTICLE, THE  FOLLOWING  TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
  1. "CHARGES" SHALL MEAN THE AMOUNT OF MONEY TO BE PAID TO THE CONSUMER
LITIGATION  FUNDING  COMPANY THAT EXCEEDS THE FUNDED AMOUNT OF PRINCIPAL
LOAN.
  2. "CONSUMER LITIGATION FUNDING COMPANY" SHALL MEAN A PERSON OR ENTITY
THAT ENTERS INTO A NON-RECOURSE TRANSACTION WHEREIN THE COMPANY PROVIDES
FUNDS TO A CONSUMER ON THE CONTINGENT RIGHT TO RECEIVE THE FUNDED AMOUNT
AND AGREED UPON CHARGES OBTAINED IN THE EVENT OF A SETTLEMENT,  JUDGMENT
OR AWARD.
  3.  "FUNDED  AMOUNT"  SHALL  MEAN  THE AMOUNT OF MONEY PROVIDED TO THE
CONSUMER IN CONSUMER LITIGATION FINANCING.
  4. "RESOLUTION DATE" SHALL MEAN THE DATE THE FUNDED AMOUNT AND  AGREED
UPON CHARGES ARE DELIVERED TO THE CONSUMER LITIGATION FINANCING COMPANY.
  S  899-DDD.  CONTRACT REQUIREMENTS. 1. CONTRACTS SHALL CONTAIN A RIGHT
OF RESCISSION, ALLOWING THE CONSUMER TO CANCEL THE  CONTRACT  WITHOUT  A

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

co-Sponsors

multi-Sponsors

2015-A9241B - Details

See Senate Version of this Bill:
S8006
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-ggg, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2017-2018: S3911
2019-2020: S4478

2015-A9241B - Summary

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.

2015-A9241B - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 9241--B

                          I N  A S S E M B L Y

                            February 4, 2016
                               ___________

Introduced  by  M.  of  A.  SIMANOWITZ,  GOTTFRIED, ZEBROWSKI, BRINDISI,
  TITONE, SEPULVEDA, HYNDMAN, DILAN -- Multi-Sponsored by --  M.  of  A.
  BRENNAN,  COOK,  FRIEND,  ROBINSON, SIMON -- read once and referred to
  the  Committee  on  Consumer  Affairs  and  Protection  --   committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to  said  committee -- reported and referred to the Committee on Codes
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and recommitted to said committee

AN  ACT  to  amend  the general business law, in relation to third party
  litigation financing

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. 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.
        899-EEE. PROHIBITIONS.
        899-FFF. REGISTRATION.
        899-GGG. PENALTY FOR VIOLATION.
  S  899-CCC.  DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
  1. "CHARGES" SHALL MEAN THE AMOUNT OF MONEY TO BE PAID TO THE CONSUMER
LITIGATION FUNDING COMPANY THAT EXCEEDS THE FUNDED AMOUNT  OF  PRINCIPAL
LOAN.
  2. "CONSUMER LITIGATION FUNDING COMPANY" SHALL MEAN A PERSON OR ENTITY
THAT ENTERS INTO A NON-RECOURSE TRANSACTION WHEREIN THE COMPANY PROVIDES
FUNDS TO A CONSUMER ON THE CONTINGENT RIGHT TO RECEIVE THE FUNDED AMOUNT
AND  AGREED UPON CHARGES OBTAINED IN THE EVENT OF A SETTLEMENT, JUDGMENT
OR AWARD.
  3. "FUNDED AMOUNT" SHALL MEAN THE AMOUNT  OF  MONEY  PROVIDED  TO  THE
CONSUMER IN CONSUMER LITIGATION FINANCING.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13354-05-6
              

co-Sponsors

multi-Sponsors

2015-A9241C (ACTIVE) - Details

See Senate Version of this Bill:
S8006
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-ggg, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2017-2018: S3911
2019-2020: S4478

2015-A9241C (ACTIVE) - Summary

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.

2015-A9241C (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 9241--C

                          I N  A S S E M B L Y

                            February 4, 2016
                               ___________

Introduced  by  M.  of  A.  SIMANOWITZ,  GOTTFRIED, ZEBROWSKI, BRINDISI,
  TITONE, SEPULVEDA, HYNDMAN, DILAN -- Multi-Sponsored by --  M.  of  A.
  BRENNAN,  COOK,  FRIEND,  ROBINSON, SIMON -- read once and referred to
  the  Committee  on  Consumer  Affairs  and  Protection  --   committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to  said  committee -- reported and referred to the Committee on Codes
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and  recommitted to said committee -- again reported from said commit-
  tee with amendments, ordered reprinted as amended and  recommitted  to
  said committee

AN  ACT  to  amend  the general business law, in relation to third party
  litigation financing

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. 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.
        899-EEE. PROHIBITIONS.
        899-FFF. REGISTRATION.
        899-GGG. PENALTY FOR VIOLATION.
  S  899-CCC.  DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
  1. "CHARGES" SHALL MEAN THE AMOUNT OF MONEY TO BE PAID TO THE CONSUMER
LITIGATION FUNDING COMPANY THAT EXCEEDS THE FUNDED AMOUNT  OF  PRINCIPAL
LOAN.
  2. "CONSUMER LITIGATION FUNDING COMPANY" SHALL MEAN A PERSON OR ENTITY
THAT ENTERS INTO A NON-RECOURSE TRANSACTION WHEREIN THE COMPANY PROVIDES
FUNDS TO A CONSUMER ON THE CONTINGENT RIGHT TO RECEIVE THE FUNDED AMOUNT
AND  AGREED UPON CHARGES OBTAINED IN THE EVENT OF A SETTLEMENT, JUDGMENT
OR AWARD.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13354-07-6
              

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