OH SB94

Defines "non-recourse civil litigation advance" as a cash payment to a consumer with a pending civil claim in exchange for a portion of any settlement, judgment, or award proceeds.

Requires companies to register with the superintendent of financial institutions and maintain a corporate surety bond of at least $50,000.

Mandates detailed contract disclosures including total advance amount, one-time fees, total repayment over 36 months, annual percentage rate, cancellation rights within 5 business days, and attorney acknowledgment.

Caps annual fees at 10% of the original advance amount, limits contract terms to 3 years maximum, and prohibits interest rates exceeding the rate under section 5703.47 plus 3%.

Prohibits companies from paying referral fees to attorneys or medical providers, assigning contracts to third parties, offering legal advice, and entering agreements where attorneys have financial interest in the company.