Blog Archives
IL Governor Signs Consumer Legal Funding Law
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Date: Oct 2 2022
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The following piece was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
Illinois becomes the latest State to bring proper regulation to the Consumer Legal Funding industry with the signing of SB 1099.
Why Consumer Legal Funding is Needed Today More Than Ever
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Date: Oct 2 2022
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The following piece was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
The opponents of consumer legal funding often say that consumers do not need this product. That they have several other options which they can tap into, and as such, are trying to put up barriers through the legislative process in limiting consumers’ ability to have access to this vital piece of financial stability.
Consumer Legal Funding is Even More Necessary Post-Pandemic
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Date: Oct 2 2022
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The following piece was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
Consumer Legal Funding is when a company provides funds to a consumer who has a pending legal claim, typically a car accident, while their case is making its way through the legal system. The funds are used for household needs such as mortgage, rent, car payments, keeping the light on and putting food on the table. The funds are not used to pay for legal fees associated with the claim or case.
Is Consumer Legal Funding a loan? Why does it matter?
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Date: Oct 2 2022
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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: Oct 2 2022
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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: Oct 2 2022
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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: Oct 2 2022
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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: Oct 2 2022
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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: Oct 2 2022
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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: Oct 2 2022
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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.
