"Consumer Legal Funding Act."

New Jersey's S 1475, the "Consumer Legal Funding Act," regulates companies that provide non-recourse funding to residents with pending lawsuits. It requires contracts to include a 5-day rescission period (allowing cancellation without penalty), clear fee disclosures, and written attorney acknowledgments verifying proper disclosure and contingency billing. The bill bans funding companies from paying referral fees to attorneys or misleading advertising, and prohibits them from influencing legal case decisions. This directly affects New Jersey consumers with active legal claims, funding companies, and their attorneys by establishing transparency and consumer protections in this financial service.