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Committee backs licensing for commercial lawsuit financers, sends AB 743 to Appropriations
Summary
The Assembly Banking and Finance Committee voted to pass AB 743 as amended, a bill that would require commercial lawsuit financers to obtain licenses from the Department of Financial Protection and Innovation, following broad support from business groups and civil-justice advocates and no recorded opposition at the hearing.
The Assembly Banking and Finance Committee passed AB 743 as amended and referred it to the Assembly Appropriations Committee. The bill would require a person engaged in commercial lawsuit financing in California to obtain a license from the Department of Financial Protection and Innovation (DFPI), maintain a surety bond, and make certain violations subject to civil penalties.
“Lawsuit financing is the most significant development in modern civil litigation,” Jonathan Stroud of Unified Patents told the committee, urging…
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