RI H7080

Requires all litigation financers to register with the Rhode Island Department of Business Regulation and maintain a $50,000 surety bond to operate in the state.

Prohibits litigation financers from paying or accepting referral fees to/from attorneys or medical providers, referring consumers to specific attorneys or providers, making decisions about lawsuit conduct, or assigning/securitizing financing contracts.

Mandates written contracts with specific disclosures in 14-point bold font, including a 5-business-day cancellation right, fee limits, and notice that consumers owe nothing if their case yields insufficient recovery.

Requires automatic disclosure of litigation financing agreements to all parties in litigation without awaiting discovery requests, and makes financing arrangements subject to discovery in personal injury cases.

Establishes that any violation renders the financing contract unenforceable against the consumer; commercial litigation financing is exempt except for personal injury claims.