SB 1515 Summary

• Amends Section 3-815 of the Uniform Consumer Credit Code to allow the Administrator to impose administrative fines up to $5,000 against consumer litigation funders who knowingly and willfully violate the code regarding consumer litigation funding.

• Changes language to clarify that violations relate to Sections 3-801 through 3-817 of the Uniform Consumer Credit Code and removes references to "this act."

• If a court finds a consumer litigation funder was not properly licensed or intentionally violated the code, the funder may only recover the funded amount provided to the consumer with no additional charges permitted.

• Repeals Section 3-808 of the Uniform Consumer Credit Code, which previously addressed agreement amounts.

• Effective date July 1, 2014, with an emergency clause allowing immediate implementation upon passage and approval.