Assembly Bill A115

2023-2024 Legislative Session

Relates to consumer litigation funding

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Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A115 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
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: A11257
2019-2020: A6764
2021-2022: A1270

2023-A115 (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 prepayment of the funded amount prior to the settlement of his or her case; makes related provisions.

2023-A115 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    115
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by  M.  of  A. MAGNARELLI, SIMON, SAYEGH, BUTTENSCHON, COOK,
   WILLIAMS, GUNTHER, DINOWITZ, DICKENS, STIRPE, WALLACE, JACKSON, GONZA-
   LEZ-ROJAS, BURGOS, HEVESI -- read once and referred to  the  Committee
   on Consumer Affairs and 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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