The Transparency in Consumer Legal Funding Act; create.

HB 1556, the "Transparency in Consumer Legal Funding Act," regulates consumer legal funding contracts to protect individuals involved in legal claims. It requires funding companies to disclose all fees and charges in clear language, including the total amount owed, payment schedules, and a 10-day right to cancel without penalty after receiving funds. The bill mandates contracts to detail how charges accrue, provide translations for non-English speakers upon request, and state that consumers owe nothing if their case is unsuccessful (unless fraud occurs). It also establishes registration fees for companies and penalties for violations, aiming to increase transparency in these nonrecourse funding arrangements.