IL HB5244

Requires litigation financiers to register with the Department of Financial and Professional Regulation before operating in Illinois, including disclosure of ownership information, foreign affiliations, and business addresses.

Prohibits litigation financiers affiliated with foreign adversaries (as designated by the U.S. Secretary of Commerce), foreign persons, foreign principals, or sovereign wealth funds from engaging in litigation financing in the state.

Bars litigation financiers from directing litigation strategy, settlement decisions, choice of attorneys, or selection of expert witnesses—all decisions must remain with the parties and their legal representatives.

Prohibits payment or acceptance of referral fees, commissions, or rebates between litigation financiers and attorneys, medical providers, or other professionals for referring consumers.

Allows parties in pending litigation to obtain discovery of the existence, terms, and conditions of any litigation financing agreement; violations constitute unlawful practices under the Consumer Fraud and Deceptive Business Practices Act.