Loading chat...

FL S1750

Bill

Status

Failed

4/30/2021

Primary Sponsor

Douglas Broxson

Click for details

Origin

Senate

2021 Regular Session

AI Summary

  • Creates "Litigation Financing Consumer Protection Act" establishing registration requirements for litigation financiers with the Department of State and mandatory $250,000 surety bonds.

  • Requires written litigation financing contracts with specific disclosures including funded amount, all fees and charges, interest rates, and a 5-business-day rescission right without penalty.

  • Prohibits litigation financiers from paying referral fees, providing legal advice, directing litigation strategy, assigning contracts, and reporting to credit agencies if insufficient proceeds remain for repayment.

  • Caps interest at 10 percent per annum (simple interest only), limits total fees to $500 per civil action regardless of number of contracts, and prohibits interest accrual beyond 3 years or after settlement/final court order.

  • Makes litigation financing contracts discoverable in civil litigation and treats violations as unfair and deceptive trade practices enforceable under Florida's consumer protection laws; effective July 1, 2021.

Legislative Description

Litigation Financing Consumer Protection

Last Action

Died in Banking and Insurance

4/30/2021

Committee Referrals

Banking and Insurance3/4/2021

Full Bill Text

No bill text available