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The California Financing Law generally regulates the business of finance lenders and brokers and prohibits any person from engaging in those businesses without obtaining a license from the Commissioner of Financial Protection and Innovation. The law also imposes various requirements on licensees who offer or sell commercial loans, as defined. This bill would prohibit a person from engaging in the business of lawsuit financing, as defined, without obtaining a license from the commissioner, and would generally regulate the business of lawsuit financiers, as specified. The bill would require a licensee who is a lawsuit financier, as defined, to maintain a surety bond, as prescribed. The bill would include lawsuit financing in the definition of "commercial loan." The bill would make willful violations of the California Financing Law by a licensee who is a lawsuit financier subject to a civil penalty, as specified.
Introduced
Feb 18, 2025
Last Action
Jul 1, 2025
Session
CA 20252026
Sponsors
1 primary · 1 co
In committee: Set, first hearing. Hearing canceled at the request of author.
Referred to Coms. on B. & F.I. and JUD.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 79. Noes 0. Page 1850.)
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 14. Noes 0.) (May 23).
In committee: Set, first hearing. Referred to APPR. suspense file.
Re-referred to Com. on APPR.
Read second time and amended.
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (April 28).
Joint Rule 62(a) suspended. (Page 1307.)
Re-referred to Com. on B.&F.
Referred to Com. on B.&F.
From committee chair, with author's amendments: Amend, and re-refer to Com. on B.&F. Read second time and amended.
From printer. May be heard in committee March 21.
Read first time. To print.
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
In committee: Set, first hearing. Hearing canceled at the request of author.