Topic:
Non-Recourse Civil Litigation Funding Act
(Thapedi, D-Chicago) creates the Non-Recourse Civil Litigation Funding Act. Requires that all contracts for non-recourse civil litigation funding must meet specified criteria. The contract must allow the consumer to cancel the contract within five business days after the consumer receives the funds without penalty or further obligation. Specifies the notice requirements for contracts and sets requirements for fee calculations. Prohibits unregistered companies from doing these transactions with consumers. Requires the Department of Financial and Professional Regulation to consider certain criteria while making decisions regarding registration. The Department is to make and enforce reasonable rules and regulations as may be necessary to carry out the provisions of the Act. Just introduced.