Lawsuit lending is increasing the number of frivolous lawsuits and threatening to drive up the costs of products and services for consumers across Illinois. Unlike other forms of lending, lawsuit lending, or third party litigation financing, is virtually unregulated, so lenders can charge interest rates as high as 100%—or even more. If and when a judge or jury finds in their favor, a litigant may often see little to none of their award because the lender takes it all.
Lawsuit lending needs to be reasonably regulated just like other forms of lending, and this is clearly an issue that Illinois lawmakers need to address. However, current legislation under consideration in the state legislature—SB 1099—could actually reduce transparency and make some of these problems worse.
Tell lawmakers to vote NO on SB 1099. Please review and send your message to legislators today.