SF 54: Regulating litigation financing contracts, and including effective date and applicability provisions

What it does

F. This bill creates the litigation financing transparency and consumer protection Act. The bill requires the registration of litigation financers with the secretary of state. The bill provides registration requirements and procedures for the litigation financer. The bill provides that all documents and information filed with the secretary of state pursuant to the registration of the ligation financer are public records. The bill provides limitations on how a litigation financer may conduct business.

Senate subcommittee · named January 23, 2025

• Sen. David D. Rowley (R) · david.rowley@legis.iowa.gov
• Sen. Matt Blake (D) · matt.blake@legis.iowa.gov
• Sen. Jason Schultz (R) · jason.schultz@legis.iowa.gov

Lobbying · 19 for, 3 against

For: Alliance for Responsible Consumer Legal Funding; American Legal Finance Association; American Property Casualty Insurance Association (APCIA); Bayer U.S. LLC; COPIC; Grinnell Mutual Reinsurance Company; Helena Agri-Enterprises, LLC; Iowa Association of Business and Industry (ABI); Iowa Defense Counsel Association; Iowa Independent Physician Group; Iowa Insurance Associates; Iowa Insurance Institute; and 7 more

Against: American Legal Finance Association; International Legal Finance Association; Iowa Academy of Trial Lawyers

In plain words

1. January 16, 2025Filed in the Senate and sent to the Judiciary committee
2. January 23, 2025Senate subcommittee named: Rowley, Blake and Schultz
3. March 3, 2025Subcommittee recommended passing it with changes
4. March 10, 2025Approved by the Senate committee, and given a new number: SF 586