Illinois 103rd Regular Session Status: In Committee 1 D cosponsors

HB 5031 — CONSUMER LEGAL-REFINANCING

Last action — Rule 19(a) / Re-referred to Rules Committee

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 103rd Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Consumer Legal Funding Act. Provides that, notwithstanding any other law, a consumer legal funding may be refinanced as authorized by rule. Provides that the Department of Financial and Professional Regulation shall publish first notice of a rule concerning the refinancing of consumer legal fundings in the Illinois Register in accordance with the Illinois Administrative Procedure Act within 120 days after the effective date of the amendatory Act. Authorizes the Department to adopt rules to permit the refinancing of consumer legal fundings. Makes conforming changes to contract disclosures.

Bill Text

What changed in the latest version

6 added · 28 removed

Plain-language change summary

The recent amendment to Bill HB 5031 allows for the refinancing of consumer legal funding, which is a type of financial support for individuals involved in lawsuits. This change is significant because it opens up new options for consumers to manage their legal expenses more effectively. The Department of Financial and Professional Regulation will be required to publish rules regarding this refinancing within 120 days, ensuring that the process is regulated and transparent. Overall, these updates aim to enhance consumer protections and flexibility in managing legal funding.

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*LRB10339361SPS69524b* HB5031 103RD GENERAL ASSEMBLY State of Illinois and 2024 HB5031 Introduced 2/8/2024, by Rep.
HB5031 Engrossed LRB103 39361 SPS 69524 b AN ACT concerning business.
Curtis J.
Tarver, II SYNOPSIS AS INTRODUCED:
ILCS 121/25 ILCS 121/30 ILCS 121/165 Amends the Consumer Legal Funding Act.
Provides that, notwithstanding any other law, a consumer legal funding may be refinanced as authorized by rule.
Provides that the Department of Financial and Professional Regulation shall publish first notice of a rule concerning the refinancing of consumer legal fundings in the Illinois Register in accordance with the Illinois Administrative Procedure Act within 120 days after the effective date of the amendatory Act.
Authorizes the Department to adopt rules to permit the refinancing of consumer legal fundings.
Makes conforming changes to contract disclosures.
LRB103 39361 SPS 69524 b A BILL FOR HB5031 LRB103 39361 SPS 69524 b AN ACT concerning business.
Notwithstanding the foregoing, a consumer legal funding company may assess charges on any additional amounts provided after the funding date for 42 HB5031 - 2 - LRB103 39361 SPS 69524 b months after the additional funding date.
Notwithstanding the foregoing, a consumer legal funding company may assess charges on any additional amounts provided after the funding date for 42 HB5031 Engrossed - 2 - LRB103 39361 SPS 69524 b months after the additional funding date.
and HB5031 - 3 - LRB103 39361 SPS 69524 b (D) a payment schedule to include the resolution amount, listing dates, and the amount due at the end of each 6-month period from the funding date, until the date the maximum amount is due to the company by the consumer to satisfy the amount due pursuant to the contract.
and HB5031 Engrossed - 3 - LRB103 39361 SPS 69524 b (D) a payment schedule to include the resolution amount, listing dates, and the amount due at the end of each 6-month period from the funding date, until the date the maximum amount is due to the company by the consumer to satisfy the amount due pursuant to the contract.
"The consumer legal funding company shall have no role in deciding HB5031 - 4 - LRB103 39361 SPS 69524 b whether, when, and how much the legal claim is settled for, however, the consumer and consumer's attorney must notify the company of the outcome of the legal claim by settlement or adjudication before the resolution date.
"The consumer legal funding company shall have no role in deciding HB5031 Engrossed - 4 - LRB103 39361 SPS 69524 b whether, when, and how much the legal claim is settled for, however, the consumer and consumer's attorney must notify the company of the outcome of the legal claim by settlement or adjudication before the resolution date.
You are HB5031 - 5 - LRB103 39361 SPS 69524 b entitled to a completely filled-in copy of the contract.
You are HB5031 Engrossed - 5 - LRB103 39361 SPS 69524 b entitled to a completely filled-in copy of the contract.
(2) rules as may be necessary and appropriate to define improper or fraudulent business practices in connection with the activities of licensees in servicing HB5031 - 6 - LRB103 39361 SPS 69524 b consumer legal fundings;
(2) rules as may be necessary and appropriate to define improper or fraudulent business practices in connection with the activities of licensees in servicing HB5031 Engrossed - 6 - LRB103 39361 SPS 69524 b consumer legal fundings;
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How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill updates the Consumer Legal Funding Act to clarify provisions around fees, disclosures, and refinancing of consumer legal funding.

  • 815 ILCS 121/25

    rules to permit the refinancing of consumer legal fundings.

    This addition allows the Department to create rules specifically for refinancing consumer legal fundings.

  • 815 ILCS 121/30

    NOTWITHSTANDING ANYTHING TO THE CONTRARY, YOU MAY REFINANCE THE FUNDED AMOUNT AND AGREED UPON CHARGES AS AUTHORIZED BY RULE.

    This clause emphasizes that refinancing will be allowed as per the new rules established.

Action History

  1. Rule 19(a) / Re-referred to Rules Committee

  2. Placed on Calendar Order of 3rd Reading - Short Debate

  3. Second Reading - Short Debate

  4. Placed on Calendar 2nd Reading - Short Debate

  5. Do Pass / Short Debate Financial Institutions and Licensing Committee; 007-004-000

  6. Assigned to Financial Institutions and Licensing Committee

  7. Referred to Rules Committee

  8. First Reading

  9. Filed with the Clerk by Rep. Curtis J. Tarver, II

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 182 not signed on · 4 voted No

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Financial Institutions & Licensing

Passed 7 Yea · 4 Nay · 1 Other
Party YeaNayPresentNot Voting
Democrat 7001
Republican 0400
Total 7401
% of votes cast 58%33%0%8%
How each member voted (12)
Member Party Vote
Dagmara Avelar Democrat Yea
Daniel Didech Democrat Yea
Eva-Dina Delgado Democrat Not Voting
Katie Stuart Democrat Yea
Kelly M. Cassidy Democrat Yea
Kevin John Olickal Democrat Yea
Margaret Croke Democrat Yea
Mark L. Walker Democrat Yea
Bradley Fritts Republican Nay
Christopher "C.D." Davidsmeyer Republican Nay
Daniel J. Ugaste Republican Nay
Ryan Spain Republican Nay

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 5031 do?
Amends the Consumer Legal Funding Act. Provides that, notwithstanding any other law, a consumer legal funding may be refinanced as authorized by rule. Provides that the Department of Financial and Professional Regulation shall publish first notice of a rule concerning the refinancing of consumer legal fundings in the Illinois Register in accordance with the Illinois Administrative Procedure Act within 120 days after the effective date of the amendatory Act. Authorizes the Department to adopt rules to permit the refinancing of consumer legal fundings. Makes conforming changes to contract disclosures.
Who sponsors HB 5031?
HB 5031 is sponsored by Curtis J. Tarver, II (Democrat).
What is the current status of HB 5031?
This bill died with 103rd Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 5031?
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Last checked for changes 3 months ago · updated continuously

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