A bill to regulate third-party litigation funding transactions; to require disclosures in those transactions; to establish the responsibilities of litigation funding companies and of attorneys; to require registration of litigation funding companies; to impose fees; to provide for the powers and duties of state governmental officers and entities; to prescribe civil fines and to provide remedies; and to require and allow the promulgation of rules.
House Bill No. 5281 establishes comprehensive regulations for third-party litigation funding in Michigan, mandating registration, transparency, consumer protections, and prohibiting foreign entities of concern from participating in such transactions.
Co-sponsored by Reps.
Referred to the Committee on Judiciary
