Michigan HB5281 regulates third-party litigation funding transparency, requiring disclosures and prohibiting certain practices.

Michigan HB5281, known as the "third-party litigation funding transparency act," mandates transparency in third-party litigation funding. It requires consumer litigation funding companies to submit annual reports to the Department of Insurance and Financial Services. These reports must include the number of litigation fundings, the total funded amounts, and the annual percentage charged. The act prohibits consumer litigation funding companies from entering into agreements with foreign entities of concern or foreign countries of concern.

Michigan HB5281 regulates third-party litigation funding transparency, requiring disclosures and prohibiting certain practices.

Michigan HB5281, known as the "third-party litigation funding transparency act," mandates transparency in third-party litigation funding. It requires consumer litigation funding companies to submit annual reports to the Department of Insurance and Financial Services. These reports must include the number of litigation fundings, the total funded amounts, and the annual percentage charged. The act prohibits consumer litigation funding companies from entering into agreements with foreign entities of concern or foreign countries of concern.