|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 06, 2021||referred to consumer protection|
senate Bill S705
Current Bill Status - In Senate Committee Consumer Protection Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S705 (ACTIVE) - Details
S705 (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.
S705 (ACTIVE) - Sponsor Memo
BILL NUMBER: S705 SPONSOR: KAPLAN TITLE OF BILL: An act to amend the general business law, in relation to consumer liti- gation funding PURPOSE OR GENERAL IDEA OF BILL: The bill establishes provisions to regulate the Consumer Litigation Funding Industry in New York State. This bill may be cited as the "Consumer Litigation Funding Act". SUMMARY OF PROVISIONS: Section 1 relates the short title of the bill. Section 2 clarifies the legislative intent. Section 3 amends the general business law by adding a new article, 39-H,
S705 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 705 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. KAPLAN -- 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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