Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 17, 2016 |
referred to ways and means ordered to third reading cal.2013 committee discharged and committed to rules |
Jun 18, 2016 |
delivered to assembly passed senate |
Jun 03, 2016 |
referred to consumer protection |
Senate Bill S8006
2015-2016 Legislative Session
Sponsored By
(R, C, IP) 62nd Senate District
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
Actions
Votes
co-Sponsors
(R, C, IP, RFM) Senate District
2015-S8006 (ACTIVE) - Details
2015-S8006 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8006 TITLE OF BILL : An act to amend the general business law, in relation to third party litigation financing PURPOSE OR GENERAL IDEA OF BILL : The bill establishes specific guidelines and provisions to regulate the third party litigation financing industry in New York State SUMMARY OF PROVISIONS : Section 1 amends the general business law by adding a new article (39-H). The first part of this section, 899-ccc, establishes definitions in relation to third party litigation financing and the regulation of this industry. Section 899-ddd sets forth contract requirements for third party litigation financing companies. Section 899-eee sets forth prohibitions for third party litigation financing companies and all parties involved in funded cases. Section 899-fff sets forth registration requirements for third party litigation financing companies to legally practice in New York State by registering with the department of financial services. Section 899-ggg establishes penalties for violating any provisions of this article. JUSTIFICATION :
2015-S8006 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8006 I N S E N A T E June 3, 2016 ___________ Introduced by Sen. ORTT -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer 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. LBD13354-08-6
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