Establishes state regulation for consumer litigation funding transactions, detailing disclosure, licensing, and company responsibilities.

The bill, known as the "consumer litigation funding act," aims to regulate consumer litigation funding transactions in New York. It mandates that such transactions be subject to state oversight and outlines specific requirements. These include clear contract disclosures, such as the funded amount, charges, and repayment details. Consumer litigation funding companies must register with the state, pay fees, and meet character and fitness standards. The bill also prohibits companies from paying or accepting commissions, offering misleading information, or interfering with legal proceedings.

Establishes state regulation for consumer litigation funding transactions, detailing disclosure, licensing, and company responsibilities.

The bill, known as the "consumer litigation funding act," aims to regulate consumer litigation funding transactions in New York. It mandates that such transactions be subject to state oversight and outlines specific requirements. These include clear contract disclosures, such as the funded amount, charges, and repayment details. Consumer litigation funding companies must register with the state, pay fees, and meet character and fitness standards. The bill also prohibits companies from paying or accepting commissions, offering misleading information, or interfering with legal proceedings.