Assembly Bill A3315

2021-2022 Legislative Session

Relates to consumer litigation funding

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A3315 (ACTIVE) - Details

See Senate Version of this Bill:
S5735
Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Add Art 39-H §§899-ccc - 899-mmm, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8860
2019-2020: A3228, S3651
2023-2024: A2702, S2594

2021-A3315 (ACTIVE) - Summary

Establishes that consumer litigation funding transactions should be subject to state regulation and sets forth requirements regarding disclosure, licensing, funding company and attorney responsibilities and limitations, violations and other provisions.

2021-A3315 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3315
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced  by  M.  of  A.  DILAN,  HEVESI,  D. ROSENTHAL, SAYEGH, COOK,
   ABINANTI,  PICHARDO,  REYES,  HYNDMAN,  McDONOUGH,  WILLIAMS,   GLICK,
   FERNANDEZ,  COLTON, HUNTER, DICKENS, TAYLOR, BRAUNSTEIN -- Multi-Spon-
   sored by -- M. of A.  DE LA ROSA, SIMON -- read once and  referred  to
   the Committee on Consumer Affairs and Protection

 AN  ACT to amend the general business law, in relation to consumer liti-
   gation funding
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "consumer litigation funding act".
   § 2. Legislative intent. In an effort to promote consumer  protections
 related  to  consumer  litigation  funding transactions, this act estab-
 lishes 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.
   § 3. The general business law is amended by adding a new article  39-H
 to read as follows:
                               ARTICLE 39-H
                     THIRD PARTY LITIGATION FINANCING
 SECTION 899-CCC. DEFINITIONS.
         899-DDD. CONTRACT REQUIREMENTS; RIGHT OF RESCISSION.
         899-EEE. PROHIBITIONS.
         899-FFF. CONTRACTED AMOUNTS.
         899-GGG. DISCLOSURES.
         899-HHH. VIOLATIONS.
         899-III. ASSIGNABILITY; LIENS.
         899-JJJ. EFFECT OF COMMUNICATION ON PRIVILEGES.
         899-KKK. REGISTRATION.
         899-LLL. REPORTING.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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