Enacts the consumer litigation funding act to promote consumer protections related to consumer litigation funding transactions; provides for contract.

The bill enacts the consumer litigation funding act to promote consumer protections related to consumer litigation funding transactions. It establishes requirements for consumer litigation funding contracts, including that the contract contain a no penalty provision for the prepayment of the funded amount prior to the settlement of their case. It also mandates that the contract be written in clear and coherent language, contain specific disclosures, and allow the consumer to cancel the contract without penalty within ten business days after the funding date.

Enacts the consumer litigation funding act to promote consumer protections related to consumer litigation funding transactions; provides for contract.

The bill enacts the consumer litigation funding act to promote consumer protections related to consumer litigation funding transactions. It establishes requirements for consumer litigation funding contracts, including that the contract contain a no penalty provision for the prepayment of the funded amount prior to the settlement of their case. It also mandates that the contract be written in clear and coherent language, contain specific disclosures, and allow the consumer to cancel the contract without penalty within ten business days after the funding date.