Proposed Consumer Litigation Funding Legislation in NY

New York State Senators Leroy Comie (D. 14th) and Michael Ranzenhofer (R. 61st) have co-sponsored new legislation that would subject consumer litigation funding transactions to state regulation – Senate Bill 3651 – The Consumer Litigation Funding Act.”.  A “same as” bill has been introduced in the New York Assembly by Assemblyman Erik M. Dilan (D. 54th). The proposed legislation, if passed, will require certain contract requirements,  consumer disclosures, and registration with the Secretary of State for consumer litigation funding companies.