MS SB2747

Establishes the Mississippi Transparency in Consumer Legal Funding Act, requiring consumer legal funding companies to register with the Secretary of State with a $500 initial fee, $200 renewal fee every two years, and up to $50,000 bond

Mandates consumer legal funding contracts include specific disclosures in 12-point bold font, a 10-business-day right of rescission, payment schedules, and maximum repayment amounts, with contracts written in clear everyday language

Prohibits funding companies from paying referral fees to attorneys or medical providers, interfering with legal claim decisions, and accepting funds from foreign adversaries identified in federal regulations

Bars attorneys and their immediate family members from having financial interests in funding companies offering products to their clients, and requires attorneys to review disclosures with consumers and attest to specific acknowledgements in the contract

Imposes penalties of up to $5,000 per willful violation plus forfeiture of the funded amount and charges, with enforcement authority granted to the Attorney General, effective July 1, 2026