Blog Archives
Is Consumer Legal Funding a loan? Why does it matter?
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Date: Apr 22 2021
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The following article was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
The classification of Consumer Legal Funding as a loan is more than mere semantics. Consumer Legal Funding is the purchase of an asset; that being a portion of the proceeds of the consumer’s legal claim. This form of investment allows the consumer to access much needed support in order to obtain the financial assistance they need while their claim is making its way through the system.
You may ask yourself, so why does this matter?
California Bar Issues Formal Opinion on Third-Party Litigation Funding
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Date: Apr 22 2021
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This article was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
On October 1, 2020 the California Bar Association published Formal Opinion NO. 2020-204 on Third-Party Litigation Funding.
Alliance for Responsible Consumer Legal Funding (ARC) Updates its Best Practices
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Date: Apr 22 2021
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On August 3, 2020 the American Bar Association House of Delegates passed resolution 111A by a vote of 366-10, regarding the “Best Practices for Third-Party Litigation Funding”. The Best Practices addressed Consumer Legal Funding, Commercial Litigation Finance and Attorney Funding.
Utah Legislators Are an Example of How it is Done Right
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Date: Apr 22 2021
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This article was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
In today’s “us vs. them” political environment, it is refreshing to see exceptions in the state of Utah. I saw one example of people working together in the political environment during Utah’s most recent legislative session.
Put a Ring on it
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Date: Apr 22 2021
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The following is a contribution from Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
What is the best way to reduce the amount of companies offering Consumer Legal Funding?
Simple: Put a RATE on it!
In Beyonce’s “Single Ladies (Put a Ring on it),” the lyrics read: “If you like it then you shoulda put a ring on it.” The US Chamber and Insurance Industry are singing a similar tune when it comes to Consumer Legal Funding. However in their song, the lyrics read: “Put a RATE on it.”
What Does it Mean to Live Paycheck to Paycheck?
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Date: Apr 22 2021
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The following was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
According to Investopedia: “Paycheck to paycheck is an expression used to describe an individual who would be unable to meet financial obligations if unemployed because his or her salary is predominantly devoted to expenses. Persons subsisting paycheck to paycheck have limited or no savings and are at greater financial risk if suddenly unemployed than individuals who have amassed a cushion of savings.”
Why is There an Assault on the Poorest Amongst Us?
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Date: Apr 22 2021
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This article was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
“Millions of Americans Are Just 1 Paycheck Away From ‘Financial Disaster’” was the title in a recent story in Barron’s. The article stated that 51% of working adults in the US would need to access savings to cover necessities if they missed more than one paycheck. That is the equivalent of over 78.2 million Americans.
Montani semper liberi — “Mountaineers are Always Free”
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Date: Apr 22 2021
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This article was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding.
Montani semper liberi; “Mountaineers are Always Free” is the motto of the State of West Virginia, but apparently the motto only applies to a select group of Mountaineers. The Legislature of West Virginia passed – and the Governor signed into law – Senate Bill 360 which sets out to regulate Consumer Legal Funding in the state. Unfortunately, SB 360 is a set of meaningless regulations, given that the legislation implements rate restrictions on the Consumer Legal Funding Industry which restrict the product from even being offered to the citizens of the state. So in essence, SB 360 bans the product altogether.
Looking Ahead in 2019
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Date: Apr 22 2021
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The following post was written by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
As the 2019 Legislative Session begins, we want to take a look at what is the best way to regulate Consumer Legal Funding. Over the past few years, the states have introduced several pieces of legislation with the aim of regulating Consumer Legal Funding. Rather than simply introduce capricious regulations, legislators should familiarize themselves both with the product, and the consumers who need it, before making rash decisions that will impact their constituents for life.
