|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2020||referred to consumer protection|
|Mar 12, 2019||referred to consumer protection|
senate Bill S4478
Archive: Last Bill Status - In Senate Committee Consumer Protection Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4478 (ACTIVE) - Details
S4478 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4478 SPONSOR: KAPLAN 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 consumer 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 consumer litigation financing and the regu- lation of this industry. Section 899-ddd sets forth contract require- ments for third party consumer litigation financing companies. Section 899-eee sets for prohibitions for third party consumer litigation financing companies and all parties involved in funded cases. Section 899-fff sets forth registration requirements for third party consumer
S4478 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4478 2019-2020 Regular Sessions I N S E N A T E March 12, 2019 ___________ Introduced by Sens. KAPLAN, 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 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. 4. "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.
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