By Lauraann Wood (April 7, 2022, 4:48 p.m. EDT) – Illinois lawmakers sent Governor JB Pritzker’s office Wednesday legislation regulating the state’s largely unchecked consumer legal funding market, despite concerns from opponents of the bill that it could add an invisible side to settlement negotiations and hurt lawsuit resolutions more than it helps them.
If signed by the governor, SB 1099 would immediately establish the Consumer Legal Funding Act and set formal limits within which lenders can do business with consumers looking to make ends meet while they pursue legal action. . Proponents say the bill helps cash-strapped consumers stay afloat while they pursue litigation,…
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