HB 2837 Summary

• Adds Article 26 to Title 44, Chapter 9 of Arizona Revised Statutes to regulate consumer lawsuit loans, defining key terms including "consumer," "consumer lawsuit loan company," and "legal action."

• Prohibits consumer lawsuit loan companies from charging an annual interest rate exceeding 36 percent on loans provided to consumers in exchange for assignment of settlement or damage award proceeds.

• Voids any consumer lawsuit loan contract that violates the 36 percent interest rate cap, making such agreements unenforceable.

• Classifies violations of the article as unlawful practices under Arizona consumer protection law, subject to private lawsuits and enforcement action by the attorney general.