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 to oversee and potentially license firms involved in litigation financing, ensuring greater transparency and consumer protection. The goal is to establish rules around how these financing arrangements are structured and utilized within the state’s legal system. This legislation seeks to mitigate potential risks associated with litigation financing.
Key provisions
- Requires the Division of Banks to regulate litigation financing.
- Establishes guidelines for firms providing litigation financing.
- Mandates transparency in litigation financing agreements.
- Potentially requires licensing of litigation financing firms.
- Authorizes the Division of Banks to investigate and enforce regulations related to litigation financing.
Who is affected
- Litigation financing firms
- Parties seeking litigation financing
- The Division of Banks
- Massachusetts residents involved in legal disputes
Notable changes
- Creates a regulatory framework for litigation financing, which currently lacks specific oversight in Massachusetts.
- May impact the availability and cost of litigation financing.
- Adds a layer of consumer protection for those utilizing litigation financing.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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