An Act relative to litigation financing
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to regulate litigation financing in Massachusetts. It directs the Division of Banks and Financial Services to oversee and potentially regulate entities involved in providing financial support to plaintiffs in legal cases. The goal is to ensure transparency and protect consumers and businesses from potentially unfair practices associated with litigation financing. The bill also includes a study order related to H.5224.
Key provisions
- Requires the Division of Banks and Financial Services to regulate litigation financing.
- Establishes a framework for oversight of litigation financing activities.
- Mandates transparency in litigation financing agreements.
- Includes a study order to examine the impact of litigation financing.
- Addresses potential consumer and business protections related to litigation financing.
Who is affected
- Litigation financing companies
- Plaintiffs in legal cases
- Businesses and consumers involved in lawsuits
- The Division of Banks and Financial Services
Notable changes
- Introduces regulation of a previously largely unregulated area of the legal system.
- Creates a mechanism for oversight of litigation financing agreements.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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