IL HB5031

Caps consumer legal funding fees at 18% of the funded amount, assessed every 6 months, with a maximum document preparation fee of $75.

Limits charges to accrue for no more than 42 months after the funding date, except for additional amounts funded after the initial date which may accrue charges for 42 months from their funding date.

Authorizes consumer legal funding refinancing as permitted by rule, requiring the Department to publish first notice of refinancing rules in the Illinois Register within 120 days of the act's effective date.

Requires contracts to disclose that consumers may refinance the funded amount and agreed-upon charges as authorized by rule, included in mandatory disclosures in contracts.

Requires consumer legal funding companies to provide information on accessing a financial coaching program no later than the funding date.