Third-party lawsuit funding (TPLF)—also known as “lawsuit lending”—is encouraging frivolous lawsuits and threatening to drive up the costs of a range of products, services, and insurance across Minnesota. The current lack of transparency and disclosure requirements around this secretive practice poses a threat to Minnesota consumers, businesses, and the integrity of our courts.
Lawmakers in Saint Paul must pass the Consumers in Crisis Protection Act (SF 2929) to help implement some reasonable regulations for TPLF lenders. If passed, this bill would establish a regulatory framework for TPLF and set legal standards to protect consumers and businesses, help decrease pressure on insurance premiums, and prevent unchecked TPLF from increasing litigation costs that get often passed down to Minnesota households.
Urge Minnesota lawmakers to pass SF 2929 without delay. Please review and send your message to legislators today.