Kentucky: Trial Bar TPLF Bill Introduced

SB 148, a third-party litigation loan bill, was introduced on Feb. 1. The bill is similar to other TPFL bills that have been introduced the past two years.

The legislation would prohibit engaging in the business of nonrecourse consumer legal funding transactions without a license and would establish licensing requirements. It would also provide that nonrecourse consumer legal funding transactions are not loans, exempting them from statute relating to interest.

NAMIC will continue to monitor this bill as it has been assigned to the Senate Banking and Insurance Committee.