Lawsuit Financial Announces Legal Funding Available In Ohio
FOR IMMEDIATE RELEASE
LAWSUIT FINANCIAL ANNOUNCES LEGAL FUNDING AVAILABLE IN OHIO
Legislation signed by Ohio Governor to legalize and regulate legal funding in the state takes effect today
Southfield, MI – August 27, 2008 – Lawsuit Financial Corporation (www.lawsuitfinancial.com), a leading litigation funding company, today announces that Ohio Governor, Ted Strickland, has signed legislation allowing legal finance companies to operate, under regulated terms, in the state of Ohio beginning today.
Ohio had a prior policy that prohibited legal finance companies from operating in the state. This prohibition resulted from an old Court of Appeals decision that found legal funding to be champertous. Ohio had been the only state to prohibit legal financing; the state now joins Maine in passing reasonable regulatory legislation for the legal funding industry.
“We at Lawsuit Financial welcome this well-reasoned legislation. Seriously injured or disabled Ohio citizens can now participate in a service that provides needed financial assistance for litigants who have little opportunity to qualify for traditional loan products,” stated Mark Bello, owner and founder of Lawsuit Financial. “This legislation protects consumers by providing guidelines for legal funding companies to follow when providing financial relief for plaintiffs in need; it provides the injured or disabled consumer with the vital option to use litigation funding when necessary to help pay necessary bills and expenses.”
Lawsuit funding is available minimize the financial pressure felt by litigation plaintiffs to settle too early for too little compensation. A strategically placed non-recourse cash advance permits a case to proceed through the legal process, without pressure to settle early, and, hopefully, facilitates substantially improved case results.
Some of the requirements of the bill include:
- The total dollar advance and a breakdown of fees, including the annualized rate of return, must be clearly disclosed on the contract;
- To be valid, the legal financing contract requires written acknowledgment by the attorney representing the consumer in the civil action or claim, specifying that the attorney has reviewed the contract and all costs and fees have been disclosed;
- For French and Spanish-speaking consumers, contracts will be written in their primary language; and
- As part of the contract, the legal funding company will agree that it has no right to make any decisions involving the claim and its settlement.
About Lawsuit Financial
Lawsuit Financial (www.lawsuitfinancial.com) has been in business for 14 years and specializes in delivering lawsuit funding during the pre-settlement stage of litigation so plaintiffs can focus on their pending case – not their financial responsibilities. Lawsuit Financial will fund many types of litigation including auto accidents, premises liability/slips & falls, personal injury, product liability, wrongful death, and employment suits, among others. Lawsuit Financial provides funding collateralized by pending litigation for living expenses, medical bills, prescriptions, car and mortgage payments. Consultations are free.
Director of Media Relations
Edge Legal Marketing