S 1104 New York Senate · 2025 Regular Session

Relates to consumer litigation funding

Summary

Enacts the consumer litigation funding act to promote consumer protections related to consumer litigation funding transactions; provides for contract requirements, including that the contract contain a no penalty provision for the prepayment of the funded amount prior to the settlement of their case; makes related provisions.

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Mar 2025

Senate Passage

Mar 2025

Assembly Passage

Governor

Introduced Jan 8, 2025 Last action Jun 9, 2025

Maddy AI version diff · 1 comparison

What changed between versions

S1104 → S1104A · 5 edits

MODERATE

This bill version (S. 1104-A) adds new registration and reporting requirements for consumer litigation funding companies, expands the list of sponsors, and amends the article title from 'Contracted amounts' to 'Repayment'. The bill also removes specific usury rate language and adds a requirement that contracts be written in clear, everyday language.

Scope change

The bill now includes additional sponsors and has progressed through committee review and passage by the Senate. It adds new regulatory requirements for companies providing consumer litigation funding.

REQUIREMENT

Added new sections requiring companies to register and submit reports to the state.

Added requirement that contracts use clear, everyday language consumers can understand.

DEFINITION

Changed section title from 'Contracted amounts' to 'Repayment' to better reflect the content.

Removed specific language linking interest rates to military credit rates and usury laws.

ELIGIBILITY

Added new sponsors to the bill including Senators Helming, Palumbo, and Borrello.

Floor votes · Senate Mar 3, 2025

How they voted

61–0

Passed · 2 other

Total votes 63

Mar 3, 2025

D Democratic41

39 Yea 2

95% Yea

R Republican22

22 Yea

100% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jun 5, 2025

Upper · Passed

AMENDED ON THIRD READING 1104A

upper

Mar 3, 2025

Committee

REFERRED TO CONSUMER AFFAIRS AND PROTECTION

lower

Mar 3, 2025

Upper · Passed

PASSED SENATE

upper

Jan 8, 2025

Committee

REFERRED TO CONSUMER PROTECTION

upper

1 primary · 7 co-sponsors