Iowa SF53 prohibits litigation financing contracts, making them void and unenforceable.
Iowa SF53 prohibits litigation financing contracts, which are agreements where a third party funds legal expenses in exchange for a percentage of any settlement or judgment. The bill voids such contracts, rendering them unlawful and unenforceable. It does not affect contingency fee arrangements or the advancement of legal costs provided by an attorney in accordance with Iowa rules of professional conduct. The bill takes effect immediately upon enactment and applies to contracts entered into after its effective date.
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