Bill > SF4967

This bill enacts the Consumers in Crisis Protection Act, which regulates consumer legal funding transactions in Minnesota. The key provisions include: - Defining terms like "consumer," "consumer legal funding company," and "consumer legal funding transaction." - Requiring consumer legal funding companies to register with the Commissioner of Commerce, pay a registration fee, and maintain financial stability. - Establishing requirements for the content and language of consumer legal funding contracts, including disclosures, a right of rescission, and acknowledgment by the consumer's attorney. - Limiting the charges a consumer legal funding company can collect, prohibiting certain practices like paying referral fees, and making consumer legal funding transactions a nonrecourse obligation. - Granting certain privileges and disclosure requirements related to consumer legal funding transactions. - Authorizing the Commissioner to conduct examinations, adopt rules, and enforce violations with civil penalties. Overall, the bill aims to provide consumer protections for Minnesotans engaging in these types of financial transactions related to legal claims.