Establishes state regulation for consumer litigation funding transactions in New York, detailing requirements for disclosure, licensing, and.

The bill introduces state regulation for consumer litigation funding transactions in New York. It mandates that consumer litigation funding companies must register with the state and adhere to specific disclosure requirements. These include clear and coherent contract language, detailed disclosures about funded amounts, charges, and the right to rescind within five business days. The bill also prohibits funding companies from paying commissions or referral fees to certain professionals and restricts their role in legal claim decisions.

Establishes state regulation for consumer litigation funding transactions in New York, detailing requirements for disclosure, licensing, and.

The bill introduces state regulation for consumer litigation funding transactions in New York. It mandates that consumer litigation funding companies must register with the state and adhere to specific disclosure requirements. These include clear and coherent contract language, detailed disclosures about funded amounts, charges, and the right to rescind within five business days. The bill also prohibits funding companies from paying commissions or referral fees to certain professionals and restricts their role in legal claim decisions.