MO SB440

Declares any contract or agreement for advancing funds to a consumer in exchange for purchasing or assigning any interest in legal action proceeds void and unenforceable as against public policy

Exempts attorneys who provide professional services on a contingency fee basis, including the extension of litigation expenses, from the prohibition

Applies to consumers who reside or are domiciled in Missouri or are parties to legal actions pending before state or federal courts in Missouri

Defines "legal action" to include civil actions, statutory or regulatory claims for damages, causes of action underlying such claims, settlements or settlement negotiations, and agreements not to initiate proceedings

Defines "proceeds" as funds from settlements, insurance payments, or awards of damages obtained in the consumer's legal action