In 2013, Oklahoma State Sen. Rob Johnson helped pass a bill in Oklahoma that limited consumer legal funding to existing legal claims. The bill requires legal funders to obtain a license and it holds their agreements to the Uniform Consumer Credit Code as a regulation standard. These measures have been seen by many as a step in the right direction for legal funding, but the senator warns that the industry should not be regulated out of existence.
How Does Consumer Legal Funding Save Families?
A father in Chicago was unable to work due to an on-the-job injury, but it was taking too long for his claim to go through. He exhausted his savings while trying to pay his daughterâ€™s college tuition, and hope seemed lost until he discovered consumer legal funding. Legal funding allowed this father to help keep his daughter in college, and it can do so much more.
A woman who had surgery after an automobile accident had to find a way to pay bills and rent while she was recovering and waiting for her claim to come through. It was a particularly hard time because she was single and fighting to maintain custody of her three kids, but consumer legal funding came through for her during this tough time. These are the type of people who would be hurt if consumer legal funding was banned or outlawed.
Consumer legal funding helps families pay bills and keep their homes while they are waiting for fair settlements from their legitimate legal claims. To keep these funders and their settlement advances available to those who need them, Sen. Johnson joined the Alliance for Responsible Consumer Legal Funding to help create fair regulations for the industry.