Senate Bill S2594

2023-2024 Legislative Session

Provides for protections regarding consumer litigation funding

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Consumer Protection 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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Bill Amendments

co-Sponsors

2023-S2594 - Details

See Assembly Version of this Bill:
A2702
Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-aaaa - 899-kkkk, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8860
2019-2020: S3651, A3228
2021-2022: S5735, A3315

2023-S2594 - Summary

Establishes that consumer litigation funding transactions should be subject to state regulation and sets forth requirements regarding disclosure, licensing, funding company and attorney responsibilities and limitations, violations and other provisions.

2023-S2594 - Sponsor Memo

2023-S2594 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2594
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 23, 2023
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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
                       CONSUMER LITIGATION FINANCING
 SECTION 899-AAAA. DEFINITIONS.
         899-BBBB. CONTRACT REQUIREMENTS; RIGHT OF RESCISSION.
         899-CCCC. PROHIBITIONS.
         899-DDDD. CONTRACTED AMOUNTS.
         899-EEEE. DISCLOSURES.
         899-FFFF. VIOLATIONS.
         899-GGGG. ASSIGNABILITY; LIENS.
         899-HHHH. EFFECT OF COMMUNICATION ON PRIVILEGES.
         899-IIII. REGISTRATION.
         899-JJJJ. REPORTING.
         899-KKKK. SEVERABILITY.
   § 899-AAAA. 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.
                                                            LBD03209-01-3
              

co-Sponsors

2023-S2594A (ACTIVE) - Details

See Assembly Version of this Bill:
A2702
Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-aaaa - 899-kkkk, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8860
2019-2020: S3651, A3228
2021-2022: S5735, A3315

2023-S2594A (ACTIVE) - Summary

Establishes that consumer litigation funding transactions should be subject to state regulation and sets forth requirements regarding disclosure, licensing, funding company and attorney responsibilities and limitations, violations and other provisions.

2023-S2594A (ACTIVE) - Sponsor Memo

2023-S2594A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2594--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 23, 2023
                                ___________
 
 Introduced by Sens. COMRIE, RAMOS -- read twice and ordered printed, and
   when  printed  to be committed to the Committee on Consumer Protection
   -- committee discharged, bill amended, ordered  reprinted  as  amended
   and recommitted to said committee
 
 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
                       CONSUMER LITIGATION FINANCING
 SECTION 899-AAAA. DEFINITIONS.
         899-BBBB. CONTRACT REQUIREMENTS; RIGHT OF RESCISSION.
         899-CCCC. PROHIBITIONS.
         899-DDDD. CONTRACTED AMOUNTS.
         899-EEEE. DISCLOSURES.
         899-FFFF. VIOLATIONS.
         899-GGGG. ASSIGNABILITY; LIENS.
         899-HHHH. EFFECT OF COMMUNICATION ON PRIVILEGES.
         899-IIII. REGISTRATION.
         899-JJJJ. DISCLOSURE OF FINANCING AGREEMENTS; DISCOVERY.
         899-KKKK. DISCLOSURE OF CONSUMER LEGAL FUNDING TRANSACTIONS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03209-04-3
              

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