SB 1780 Summary

• Prohibits consumer legal funding companies from entering into consumer lawsuit loan transactions with consumers in Oklahoma.

• Defines "consumer lawsuit loan" as funds provided by a lender to a consumer in exchange for rights to settlement proceeds, insurance payments, or damages from the consumer's legal action.

• Declares any consumer lawsuit loan contract entered into in violation of the prohibition void from inception.

• Establishes violation as a prohibited practice under the Oklahoma Consumer Protection Act with enforcement provisions and remedies available to consumers.

• Effective November 1, 2012.