NJ S2315

Establishes registration requirements for consumer legal funding companies with the New Jersey Department of Banking and Insurance, including a $500 initial fee, $200 renewal fee every two years, and a bond of up to $50,000.

Caps fees at 40 percent of the funded amount per 12-month period, plus a one-time document preparation fee not exceeding $500, and requires repayment amounts to be predetermined based on time intervals rather than percentages of legal claim recovery.

Provides consumers a 5-business-day right of rescission after funding and requires contracts to be written in the consumer's native language if applicable, with all terms completely filled in before signature.

Prohibits consumer legal funding companies from paying referral fees to attorneys, medical providers, or chiropractors, and bars attorneys representing the consumer from having any financial interest in the funding company.

Specifies that consumer legal funding is non-recourse, meaning consumers owe nothing if their legal claim produces no proceeds, and prohibits companies from reporting consumers to credit agencies if insufficient funds remain to repay the company.