Enacts the consumer litigation funding act to promote consumer protections related to consumer litigation funding transactions.

The bill enacts the consumer litigation funding act to promote consumer protections related to consumer litigation funding transactions. It establishes that such transactions should be subject to state regulation and sets forth requirements regarding disclosure, licensing, funding company and attorney responsibilities and limitations, violations and other items. The bill provides for contract requirements, 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 makes related provisions.

Enacts the consumer litigation funding act to promote consumer protections related to consumer litigation funding transactions.

The bill enacts the consumer litigation funding act to promote consumer protections related to consumer litigation funding transactions. It establishes that such transactions should be subject to state regulation and sets forth requirements regarding disclosure, licensing, funding company and attorney responsibilities and limitations, violations and other items. The bill provides for contract requirements, 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 makes related provisions.