assembly Bill A11257

2017-2018 Legislative Session

Relates to consumer litigation funding

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Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 25, 2018 referred to consumer affairs and protection

A11257 (ACTIVE) - Details

See Senate Version of this Bill:
S9105
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-mmm, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2019-2020: A6764, S675, S4555
2021-2022: A1270, S705

A11257 (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 pre-payment of the funded amount prior to the settlement of his or her case; makes related provisions.

A11257 (ACTIVE) - Bill Text download pdf


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

                                  11257

                          I N  A S S E M B L Y

                              July 25, 2018
                               ___________

Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Magnarelli)
  -- 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.
  §  899-CCC.  DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
  1. "ADVERTISE" MEANS PUBLISHING OR DISSEMINATING ANY  WRITTEN,  AURAL,
ELECTRONIC  OR  PRINTED  COMMUNICATION  OR ANY COMMUNICATION BY MEANS OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets