An Act providing transparency in third party 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 increase transparency surrounding third-party litigation financing, where outside companies invest in lawsuits in exchange for a share of any settlement or judgment. It requires certain disclosures to be made regarding these financing arrangements, ensuring greater accountability and public awareness of these arrangements within the legal system. The bill intends to provide more information about the financial aspects of litigation funding to courts, parties, and the public.
Key provisions
- Requires disclosure of third-party litigation financing agreements.
- Specifies the information that must be included in these disclosures.
- Addresses the use of litigation financing in certain types of cases.
- Establishes a process for reviewing and potentially regulating third-party litigation financing.
- Mandates reporting of certain litigation financing transactions to the court.
Who is affected
- Litigants
- Courts
- Third-party litigation financing companies
- Attorneys
- The public
Notable changes
- Introduces requirements for transparency in a previously less regulated area of litigation.
- Potentially increases scrutiny of litigation funding agreements.
- May impact the availability and terms of litigation financing.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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