New York S 1104: Relates to consumer litigation funding

Bill Text

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 Speaker Carl E. Heastie

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S01104 Summary:

BILL NOS01104A

&nbsp

SAME ASSAME AS A00804-C

&nbsp

SPONSORCOONEY

&nbsp

COSPNSRADDABBO, BORRELLO, HELMING, MYRIE, PALUMBO, RHOADS, SEPULVEDA

&nbsp

MLTSPNSR

&nbsp

Add Art 39-H §§899-ccc - 899-mmm, Gen Bus L

&nbsp

Enacts the consumer litigation funding act to promote consumer protections related to consumer litigation funding transactions; provides for contract requirements, including that the contract contain a no penalty provision for the prepayment of the funded amount prior to the settlement of their case; makes related provisions.

Go to top S01104 Actions:

BILL NOS01104A

&nbsp

01/08/2025REFERRED TO CONSUMER PROTECTION

02/11/20251ST REPORT CAL.316

02/12/20252ND REPORT CAL.

02/24/2025ADVANCED TO THIRD READING 

03/03/2025PASSED SENATE

03/03/2025DELIVERED TO ASSEMBLY

03/03/2025referred to consumer affairs and protection

06/05/2025RECALLED FROM ASSEMBLY

06/05/2025returned to senate

06/05/2025VOTE RECONSIDERED - RESTORED TO THIRD READING

06/05/2025AMENDED ON THIRD READING 1104A

06/09/2025SUBSTITUTED BY A804C

&nbspA00804 AMEND=C Magnarelli

&nbsp01/08/2025referred to consumer affairs and protection

&nbsp01/24/2025amend and recommit to consumer affairs and protection

&nbsp01/24/2025print number 804a

&nbsp03/27/2025amend and recommit to consumer affairs and protection

&nbsp03/27/2025print number 804b

&nbsp05/06/2025reported referred to codes

&nbsp05/13/2025amend and recommit to codes

&nbsp05/13/2025print number 804c

&nbsp06/05/2025reported referred to ways and means

&nbsp06/06/2025reported referred to rules

&nbsp06/09/2025reported 

&nbsp06/09/2025rules report cal.481

&nbsp06/09/2025ordered to third reading rules cal.481

&nbsp06/09/2025passed assembly

&nbsp06/09/2025delivered to senate

&nbsp06/09/2025REFERRED TO RULES

&nbsp06/09/2025SUBSTITUTED FOR S1104A

&nbsp06/09/20253RD READING CAL.316

&nbsp06/09/2025PASSED SENATE

&nbsp06/09/2025RETURNED TO ASSEMBLY

&nbsp12/08/2025delivered to governor

&nbsp12/19/2025signed chap.645

&nbsp12/19/2025approval memo.29

Go to topS01104 Committee&nbspVotes:

Go to topS01104 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS01104 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1104--A
 Cal. No. 316

 2025-2026 Regular Sessions

 IN SENATE

 January 8, 2025
 ___________

 Introduced by Sens. COONEY, BORRELLO, HELMING, MYRIE, PALUMBO, RHOADS,
 SEPULVEDA -- read twice and ordered printed, and when printed to be
 committed to the Committee on Consumer Protection -- reported favora-
 bly from said committee, ordered to first and second report, ordered
 to a third reading, passed by Senate and delivered to the Assembly,
 recalled, vote reconsidered, restored to third reading, amended and
 ordered reprinted, retaining its place in the order of third reading

 AN ACT to amend the general business law, in relation to consumer liti-
 gation funding

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "consumer litigation funding act".
 3 § 2. Legislative intent. In an effort to promote consumer protections
 4 related to consumer litigation funding transactions, this act estab-
 5 lishes that such transactions should be subject to state regulation and
 6 sets forth requirements regarding disclosure, licensing, funding company
 7 and attorney responsibilities and limitations, violations and other
 8 items.
 9 § 3. The general business law is amended by adding a new article 39-H
 10 to read as follows:
 11 ARTICLE 39-H
 12 THIRD PARTY LITIGATION FINANCING
 13 Section 899-ccc. Definitions.
 14 899-ddd. Contract requirements; right of rescission.
 15 899-eee. Prohibitions and charge limitations.
 16 899-fff. Repayment.
 17 899-ggg. Disclosures.
 18 899-hhh. Violations.
 19 899-iii. Assignability; liens.
 20 899-jjj. Effect of communication on privileges.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00080-07-5

 S. 1104--A 2

 1 899-kkk. Registration.
 2 899-lll. Reporting.
 3 899-mmm. Severability.
 4 § 899-ccc. Definitions. As used in this article, the f