Okla. Gov. Signs Into Law Bill Curbing Lawsuit Lending

June 3, 2013
Legal Newsline 
mortgage lending news

Oklahoma has become the first in the nation to rein in the lawsuit lending industry by lining it up with existing state law governing money lenders. By regulating lawsuit lenders under the Uniform Consumer Credit Code, Gov. Mary Fallin hopes to curtail abuses and protect consumers, who pay exorbitant interest rates -- sometimes greater than 100 percent -- for an advance to cover expenses while their cases are pending in court. The U.S. Chamber's Institute for Legal Reform and other tort reform groups say lawsuit lending inflates litigation expenses, overwhelms court dockets, reduces recoveries for case plaintiffs, and threatens to compromise client control over lawsuits.
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