senate Bill S675

2019-2020 Legislative Session

Relates to consumer litigation funding

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 12, 2019 recommit, enacting clause stricken
Jan 09, 2019 referred to consumer protection

S675 (ACTIVE) - Details

Current Committee:
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-mmm, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2017-2018: S9105
2021-2022: S705

S675 (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.

S675 (ACTIVE) - Sponsor Memo

S675 (ACTIVE) - Bill Text download pdf


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

                                   675

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2019
                               ___________

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 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.

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

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