Updated on 6/14/2021
This article helps plaintiffs and attorneys alike learn more about lawsuit loans in Florida. Below you will find the following information:
Lawsuit funding laws, regulation and relevant ethics opinions in Florida
Florida has a pending bill that seeks to regulate lawsuit loans in the state. The bill would allow the Florida Department of State to regulate the industry. Florida case law has upheld lawsuit lending agreements where the lender did not interfere with or direct the litigation. The Florida Bar allows lawyers to honor a client’s assignment of proceeds from their case to a lawsuit cash advance company but disallows lawyers from issuing a letter of protection to the company. Most legal funding companies provide their services to Florida residents and many use an alternate acknowledgment letter that complies with Florida Bar’s position on lawsuit loans.
Laws regarding lawsuit loans in Florida
See FL SB 7041 (2021). The Florida house proposed to “require litigation financiers to register with DOS & file surety bond; provides requirements & rulemaking authority for DOS; provides requirements for litigation financing contracts; provides for assignment of contingent rights to civil action or claim proceeds; specifies the priority of liens; authorizes litigation financiers to assess specified interest, fees, & charges; provides that violations are deceptive & unfair trade practices.” The bill died in the house.
Source: FL SB 1750 – Litigation Financing Consumer Protection
Legal funding case law in Florida
In Kraft v. Mason the appellate court affirmed the stance that the agreement between Kraft (borrower) and Mason (lender) was not champertous. The court indicated that Mason had not interfered with nor stirred-up the litigation.
Source: Kraft v. Mason
Can a lawyer lend money to a client in Florida?
A Florida attorney cannot grant plaintiffs financial assistance, however they can advance litigation expenses. Advanced expenses are only repaid if the case is succesful.
Source: Florida Bar Ethics Opinion 96-1
Can attorneys help clients receive lawsuit loans in Florida?
Attorneys may give clients information about non-recourse funding companies to meet their financial needs.
Source: Florida Bar Ethics Opinion 00-3
Lawsuit loan companies serving Florida
Recommended lawsuit loan companies funding Florida residents
US Claims offers some of the lowest, non-compounding rates in the industry. Many companies claim to offer “the lowest rates in the industry” – we recommend comparing them against an offer from US Claims. to see for yourself.
Thrivest Link Legal Funding offers fair terms with a fast, efficient funding process. Many companies claim to offer same-day or 24-hour lawsuit loans but Thrivest Link Legal Funding often actually makes it happen.
Lawsuit loan companies located in Florida
Other pre-settlement lawsuit loan companies serving Florida residents
- Oasis Financial
- Glofin Funding
- Nova Legal Funding
- Ally Lawsuit Loans
- LawStreet Capital
- Golden Pear Funding
- Prime Case Funding
- Preferred Capital Funding
- National Lawsuit Funding
- High Rise Financial
- Momentum Funding
- The Legal Funding Group
- Necessity Funding
- Cherokee Funding
- Signal Funding
- Case Cash Funding
- Bridgeway Legal Funding
- Pegasus Legal Capital
- Baker Street Funding
- Baric Enterprises
- Tribeca Capital Group
- Capital Now Funding