HB 1447 - Litigation Financing Consumer Protection Act

• Creates Part VIII of Chapter 501, Florida Statutes, establishing the "Litigation Financing Consumer Protection Act" to regulate litigation financiers operating in Florida.

• Requires litigation financiers to register with the Department of State and file a $250,000 surety bond before engaging in litigation financing; authorizes the department to revoke registrations for noncompliance.

• Caps interest rates at 25 percent of funded amount per annum using simple interest calculations, with interest accruing only until final court order or settlement execution, not exceeding 3 years total.

• Mandates detailed written contracts with specific disclosures including funded amount, itemized fees, interest rate, 6-month payment projections, and a 5-business-day cancellation right without penalties.

• Prohibits litigation financiers from paying referral fees, offering legal advice, assigning contracts, directing litigation decisions, and attempting to waive consumer remedies; violations constitute unfair and deceptive trade practices.

• Takes effect July 1, 2023.