summary
Introduced
01/09/2024
01/09/2024
In Committee
10/10/2024
10/10/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
"Consumer Legal Funding Act."
AI Summary
This bill, called the "Consumer Legal Funding Act," regulates the consumer legal funding industry in New Jersey. It defines key terms like "consumer legal funding," "consumer legal funding company," and "legal claim," and sets requirements for consumer legal funding contracts, including a right of rescission within 5 business days and disclosure of certain information. The bill prohibits consumer legal funding companies from engaging in certain practices, such as paying referral fees or interfering with the attorney's handling of the legal claim. It also requires consumer legal funding companies to register with the Department of Banking and Insurance before operating in the state.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Reported from Senate Committee with Amendments, 2nd Reading (on 10/10/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S1475 |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1475_R1.HTM |
| Analysis - Statement SCM 10/10/24 | https://pub.njleg.gov/Bills/2024/S1500/1475_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1475_I1.HTM |
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