Senate Bill 378 Summary

• Defines a "consumer lawsuit loan" as a nonrecourse loan where repayment is required only if the consumer prevails in a proceeding and is sourced from the proceeds of that proceeding by judgment, settlement, or otherwise.

• Subjects consumer lawsuit loans to the same regulations as traditional loans under Indiana's consumer loan statutes (IC 24-4.5), regardless of loan amount.

• Requires plaintiffs who have entered into a consumer lawsuit lending agreement to file a copy of the agreement with the court and serve a copy on the opposing party before or shortly after filing their complaint.

• Applies to agreements executed after June 30, 2013, and covers consumer lawsuit lending in civil actions, arbitration, mediation, and administrative proceedings.