New York Legislature Passes Bill That Would Set Curbs on Lawsuit Lending Industry

If signed into law by Gov. Kathy Hochul, the legislation would set a 25% cap on the financing company’s gross recovery from a lawsuit, and New York would join states such as Montana, Indiana, Louisiana, West Virginia and Arkansas in capping interest rates.

       

If signed into law by Gov. Kathy Hochul, the legislation would set a 25% cap on the financing company’s gross recovery from a lawsuit, and New York would join states such as Montana, Indiana, Louisiana, West Virginia and Arkansas in capping interest rates.