Bill Status of HB 2301   98th General Assembly

Short Description:  NON-RECOURSE CIV LIT FUND ACT

House Sponsors
Rep. André M. Thapedi-Lou Lang-Linda Chapa LaVia-Emanuel Chris Welch

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Non-Recourse Civil Litigation Funding Act. Provides that all contracts for non-recourse civil litigation funding must meet specified criteria. Provides that the contract shall provide that the consumer may cancel the contract within 5 business days following the consumer's receipt of funds, without penalty or further obligation. Specifies the notice requirements for contracts. Sets requirements for fee calculations. Prohibits unregistered companies from entering into a non-recourse civil litigation funding transaction with consumers. Provides requirements for the Department of Financial and Professional Regulation to consider while making decisions regarding registration. Authorizes the Department to make and enforce reasonable rules and regulations as may be necessary to carry out the provisions of the Act.

 Fiscal Note, House Committee Amendment No. 1 (Financial & Professional Regulation)
 HB 2301 (H-AM 1) has a projected fiscal impact to the Illinois Department of Financial and Professional Regulation of $998,936.54.

Actions 
DateChamber Action
  2/19/2013HouseFiled with the Clerk by Rep. André M. Thapedi
  2/19/2013HouseFirst Reading
  2/19/2013HouseReferred to Rules Committee
  2/25/2013HouseAssigned to Judiciary
  3/5/2013HouseAdded Chief Co-Sponsor Rep. Lou Lang
  3/5/2013HouseAdded Chief Co-Sponsor Rep. Linda Chapa LaVia
  3/7/2013HouseAdded Chief Co-Sponsor Rep. Emanuel Chris Welch
  3/13/2013HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. André M. Thapedi
  3/13/2013HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/14/2013HouseHouse Committee Amendment No. 1 Fiscal Note Filed as Amended
  3/18/2013HouseHouse Committee Amendment No. 1 Rules Refers to Judiciary
  3/19/2013HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. André M. Thapedi
  3/19/2013HouseHouse Committee Amendment No. 2 Referred to Rules Committee
  3/20/2013HouseHouse Committee Amendment No. 2 Rules Refers to Judiciary
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  3/22/2013HouseHouse Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee
  3/22/2013HouseHouse Committee Amendment No. 2 Rule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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