An Act to provide transparency in third party litigation financing
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill aims to increase transparency surrounding third-party litigation financing, where outside companies provide funds to plaintiffs in exchange for a share of any legal settlement or judgment. Currently, there’s limited public information about these arrangements, and this legislation seeks to address that lack of transparency. The goal is to ensure greater accountability and understanding of these financing deals. It will likely require financial institutions and potentially litigation funders to disclose certain details about these agreements.
Key provisions
- Requires disclosure of certain terms of third-party litigation financing agreements.
- Focuses on transparency for plaintiffs involved in litigation.
- May impact financial institutions involved in providing litigation funding.
- Aims to provide greater public awareness of these financing arrangements.
- Could establish reporting requirements for litigation funders.
Who is affected
- Plaintiffs in legal cases
- Litigation funders
- Financial institutions
- The public
- The legal system
Notable changes
- Currently, details of third-party litigation financing are often not publicly available.
- This bill would mandate disclosure of key terms and conditions.
- It could lead to increased scrutiny of litigation funding practices.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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