RI S2494

Requires third-party litigation financers to register with the Rhode Island Department of Business Regulation and file a $50,000 surety bond before conducting business in the state

Prohibits litigation financers from paying or receiving referral fees from attorneys or medical providers, making decisions about the conduct of lawsuits, assigning or securitizing financing contracts, or reporting consumers to credit agencies if case proceeds are insufficient for repayment

Mandates written contracts with specific disclosures in 14-point bold font, including a 5-business-day cancellation right, fee limits, and statements that consumers owe nothing if their case is unsuccessful

Requires consumers and attorneys to disclose litigation financing agreements to all parties in litigation without awaiting a discovery request, and makes financing arrangements subject to discovery in personal injury cases

Renders any litigation financing contract unenforceable if the financer violates the act's provisions or implementing regulations