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HB23-1162

Consumer Legal Funding Transactions

Concerning the regulation of consumer legal funding transactions, and, in connection therewith, authorizing the administrator of the "Uniform Consumer Credit Code" to adopt rules regulating creditor-imposed charges for certain consumer credit transactions that are secured by a consumer's potential proceeds from a settlement or judgment obtained in an associated legal claim.
Session:
2023 Regular Session
Subjects:
Business & Economic Development
Financial Services & Commerce
Bill Summary

The act authorizes the administrator of the "Uniform Consumer Credit Code" to adopt rules regarding deferral charges for certain consumer credit transactions that are secured by the consumer's potential proceeds from a settlement or judgment obtained in the consumer's associated legal claim.

APPROVED by Governor June 1, 2023

EFFECTIVE August 7, 2023

NOTE: This act was passed without a safety clause and takes effect 90 days after sine die.
(Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

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Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details