SC H4521

Establishes the "South Carolina Transparency in Consumer Legal Funding Act" to regulate nonrecourse transactions where consumers assign a portion of potential legal claim proceeds to funding companies in exchange for upfront cash

Requires consumer legal funding contracts to include clear disclosures of funded amounts, all charges and fees, payment schedules, and a 10-business-day right to cancel without penalty

Prohibits funding companies from paying referral fees to attorneys or medical providers, interfering with legal claim decisions, accepting funds from foreign adversaries, and advertising false information

Mandates that consumers' attorneys provide written acknowledgment they reviewed contract terms with the consumer, are paid on contingency, and will disburse funds to the funding company from settlement proceeds

Requires consumer legal funding companies to register with the Secretary of State, pay initial $100 fee (renewals $50), post bond up to $100 if required, and file all contract forms; willful violations result in forfeiture of funded amount plus up to $1,000 civil penalty per violation