Iowa HF210 regulates litigation financing contracts, requiring transparency and consumer protections.

Iowa HF210, known as the Litigation Financing Transparency and Consumer Protection Act, mandates that litigation financers register with the secretary of state. It prohibits financers from paying commissions, accepting consideration, charging excessive interest, or reporting consumers to credit agencies. The bill requires full disclosure of all terms and conditions in written contracts, which must be delivered to all parties and the court. Consumers can cancel contracts within five days without penalty. The bill also imposes joint liability for costs on financers and applies to class actions.

Iowa HF210 regulates litigation financing contracts, requiring transparency and consumer protections.

Iowa HF210, known as the Litigation Financing Transparency and Consumer Protection Act, mandates that litigation financers register with the secretary of state. It prohibits financers from paying commissions, accepting consideration, charging excessive interest, or reporting consumers to credit agencies. The bill requires full disclosure of all terms and conditions in written contracts, which must be delivered to all parties and the court. Consumers can cancel contracts within five days without penalty. The bill also imposes joint liability for costs on financers and applies to class actions.