New Jersey A1382 regulates consumer legal funding, requiring companies to register and detailing contract requirements.
New Jersey A1382, the "Consumer Legal Funding Act," regulates consumer legal funding providers. This act mandates that companies must register with the Department of Banking and Insurance, detailing criteria for registration. Consumer legal funding involves a company purchasing a consumer's contingent right to potential legal claim proceeds. The bill requires contracts to include specific disclosures, such as the funded amount, charges, total amount assigned, and payment schedule. Contracts must also inform consumers of their right to cancel within five business days after funding.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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