Louisiana HB1219 regulates consumer legal funding by setting a maximum rate of return and requiring full disclosure.
HB1219, the Consumer Legal Funding Act, establishes regulations on consumer legal funding in Louisiana. It sets a maximum lawful rate of return for consumer lawsuit funders and prohibits them from charging more than the maximum conventional interest rate. The bill mandates that all terms of a consumer lawsuit funding agreement be clearly disclosed in writing, including the total amount advanced, fees, repayment method, and a disclosure that the agreement may affect the consumer's net recovery. The attorney general is authorized to enforce the law and seek relief for violations.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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