New Jersey S4807 regulates consumer legal funding providers by requiring registration, setting contract terms, and prohibiting certain practices.

New Jersey S4807 introduces regulations for consumer legal funding providers, which purchase a consumer's contingent right to receive potential legal claim proceeds. The bill mandates that consumer legal funding companies register with the Department of Banking and Insurance, detailing criteria for registration including fees and bond requirements. It outlines specific contract terms, such as the funded amount, charges, and a right of rescission allowing cancellation within five business days.

New Jersey S4807 regulates consumer legal funding providers by requiring registration, setting contract terms, and prohibiting certain practices.

New Jersey S4807 introduces regulations for consumer legal funding providers, which purchase a consumer's contingent right to receive potential legal claim proceeds. The bill mandates that consumer legal funding companies register with the Department of Banking and Insurance, detailing criteria for registration including fees and bond requirements. It outlines specific contract terms, such as the funded amount, charges, and a right of rescission allowing cancellation within five business days.