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Committee advances AB 743 to license commercial lawsuit financiers
Summary
The Assembly Banking and Finance Committee voted to pass AB 743 as amended, a bill to require licensing and bonding for commercial litigation finance companies operating in California, supporters said the change will increase transparency while no opponents were recorded at the hearing.
Assemblymember Rodriguez introduced AB 743, a bill that would require entities engaged in commercial lawsuit financing to obtain a license from the Department of Financial Protection and Innovation and to maintain a surety bond; the Assembly Banking and Finance Committee voted to pass the bill as amended and refer it to the Assembly Appropriations Committee.
The author told the committee that commercial litigation financing is a growing, largely unregulated industry involving hedge funds, private equity and other…
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