assembly Bill A115

2023-2024 Legislative Session

Relates to consumer litigation funding

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2023 referred to consumer affairs and protection

Co-Sponsors

view additional co-sponsors

A115 (ACTIVE) - Details

See Senate Version of this Bill:
S4146
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, S9105
2019-2020: A6764, S675, S4555
2021-2022: A1270, S705

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.

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.