Bill > SB342

This bill creates provisions related to consumer legal funding and litigation financing. Specifically, it establishes the "Consumer Legal Funding Act" and the "Consumer Litigation Financing Act" to regulate these industries in Missouri. The key provisions include: - Requiring consumer legal funding companies and litigation financers to obtain a license from the Division of Finance before engaging in business in the state. - Establishing requirements for consumer legal funding contracts, such as a right of rescission, prohibitions on certain practices, and mandatory disclosures. - Granting the Division of Finance authority to oversee, investigate, and enforce compliance with the new laws. - Prohibiting litigation financers from engaging in certain activities, such as paying referral fees or attempting to waive a consumer's right to trial by jury. - Requiring disclosure of litigation financing arrangements in legal proceedings. Overall, the bill aims to provide consumer protections and oversight in the growing areas of consumer legal funding and litigation financing in Missouri.