senate Bill S3911A

2017-2018 Legislative Session

Relates to third party litigation financing

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Sponsored By

Current Bill Status - In Senate Committee Consumer Protection 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 (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 25, 2018 print number 3911b
May 25, 2018 amend and recommit to consumer protection
Jan 03, 2018 referred to consumer protection
Jun 21, 2017 committed to rules
May 22, 2017 advanced to third reading
May 17, 2017 2nd report cal.
May 16, 2017 1st report cal.997
Mar 13, 2017 print number 3911a
Mar 13, 2017 amend and recommit to consumer protection
Jan 30, 2017 referred to consumer protection

Votes

view votes

May 16, 2017 - Consumer Protection committee Vote

S3911A
11
0
committee
11
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Consumer Protection committee vote details

Consumer Protection Committee Vote: May 16, 2017

Co-Sponsors

S3911 (ACTIVE) - Details

See Assembly Version of this Bill:
A8653
Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-ggg, Gen Bus L
Versions Introduced in 2015-2016 Legislative Session:
S8006

S3911 (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.

S3911 (ACTIVE) - Sponsor Memo

S3911 (ACTIVE) - Bill Text download pdf


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

                                  3911

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 30, 2017
                               ___________

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.
  § 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.
  §  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

view additional co-sponsors

S3911A (ACTIVE) - Details

See Assembly Version of this Bill:
A8653
Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-ggg, Gen Bus L
Versions Introduced in 2015-2016 Legislative Session:
S8006

S3911A (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.

S3911A (ACTIVE) - Sponsor Memo

S3911A (ACTIVE) - Bill Text download pdf


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

                                 3911--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 30, 2017
                               ___________

Introduced  by  Sens.  ORTT,  AKSHAR,  HANNON, HELMING -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Consumer  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.
  § 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 CONSUMER LITIGATION FUNDING CONTRACT TO PROVIDE  NON-
RECOURSE  FUNDING  OF  NO  MORE  THAN FIVE HUNDRED THOUSAND DOLLARS TO A
CONSUMER.
  3. "CONSUMER LITIGATION FUNDING CONTRACT" SHALL  MEAN  A  CONTRACT  TO
PROVIDE  NON-RECOURSE  FUNDING  OF  NO  MORE  THAN FIVE HUNDRED THOUSAND
DOLLARS 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.

Co-Sponsors

view additional co-sponsors

S3911B (ACTIVE) - Details

See Assembly Version of this Bill:
A8653
Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-ggg, Gen Bus L
Versions Introduced in 2015-2016 Legislative Session:
S8006

S3911B (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.

S3911B (ACTIVE) - Sponsor Memo

S3911B (ACTIVE) - Bill Text download pdf


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

                                 3911--B

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 30, 2017
                               ___________

Introduced  by  Sens.  ORTT,  AKSHAR, GALLIVAN, HANNON, HELMING, JACOBS,
  MARCHIONE -- read twice and ordered printed, and when  printed  to  be
  committed  to  the  Committee  on  Consumer  Protection  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to  said  committee  --  recommitted  to  the  Committee  on  Consumer
  Protection  in  accordance  with  Senate  Rule  6, sec. 8 -- 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.
  § 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 CONSUMER LITIGATION FUNDING CONTRACT TO PROVIDE  NON-
RECOURSE  FUNDING  OF  NO  MORE  THAN FIVE HUNDRED THOUSAND DOLLARS TO A
CONSUMER.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04763-05-8

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