senate Bill S4555

2019-2020 Legislative Session

Relates to consumer litigation funding

download bill text pdf

Sponsored By

Current Bill Status - On Floor Calendar


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 20, 2019 advanced to third reading
May 15, 2019 2nd report cal.
May 14, 2019 1st report cal.690
Mar 14, 2019 referred to consumer protection

Votes

view votes

May 13, 2019 - Consumer Protection committee Vote

S4555
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Consumer Protection committee vote details

Consumer Protection Committee Vote: May 13, 2019

Co-Sponsors

S4555 (ACTIVE) - Details

See Assembly Version of this Bill:
A6764
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-mmm, Gen Bus L
Versions Introduced in 2017-2018 Legislative Session:
S9105, A11257

S4555 (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.

S4555 (ACTIVE) - Sponsor Memo

S4555 (ACTIVE) - Bill Text download pdf


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

                                  4555

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 14, 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 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:

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

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