Kansas SB426 establishes the Kansas Transparency in Consumer Legal Funding Act to protect consumers in legal funding agreements.
Kansas SB426, the Kansas Transparency in Consumer Legal Funding Act, mandates clear and conspicuous disclosures in consumer legal funding contracts. It requires contracts to specify the funded amount, charges, maximum total assignment, and payment schedule. Contracts must also include a right of rescission and a statement that the funded amount and charges are paid only from the legal claim proceeds. The act prohibits consumer legal funding companies from paying commissions, referral fees, or other forms of consideration to attorneys or providers.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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