Sec. 30. Disclosures.
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/il/chapter-815/act-121/30A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 30. Disclosures. All consumer legal funding contracts shall contain the disclosures specified in this Section, which shall constitute material terms of the contract. Unless otherwise specified, the disclosures shall be typed in at least 12-point bold-type font and be placed clearly and conspicuously within the contract as follows:
(1)On the front page under appropriate headings, language specifying:
(A)the funded amount to be paid to the consumer or on the consumer's behalf by the
consumer legal funding company;
(B)an itemization of charges;
(C)the maximum total amount to be paid by the consumer to the company, including
the funded amount and all fees; and
(D)a payment schedule to include the resolution amount, listing dates, and the
amount due at the end of each 6-month period from the funding date, until the date the maximum amount is due to the company by the consumer to satisfy the amount due pursuant to the contract.
(2)Pursuant to the provisions set forth in paragraph
(2)of subsection
(a)of Section
10, within the body of the contract: "CONSUMER'S RIGHT TO CANCELLATION: You may cancel this contract without penalty or further obligation within 14 business days after the funding date if you either:
(A)return to the consumer legal funding company the full amount of the funds
disbursed to you or on your behalf by delivering the company's uncashed check to the company's office in person; or
(B)place in the mail, by mail service materially equivalent to United States Postal
Service certified mail, addressed to the company at the address specified in the contract, a notice of cancellation and include in such mailing a return of the full amount of funds disbursed to you or on your behalf in the form of the company's uncashed check or a registered or certified check or money order."
(3)Within the body of the contract: "The consumer legal funding company shall have no
role in deciding whether, when, and how much the legal claim is settled for, however, the consumer and consumer's attorney must notify the company of the outcome of the legal claim by settlement or adjudication before the resolution date. The company may seek updated information about the status of the legal claim but in no event shall the company interfere with the independent professional judgment of the attorney in the handling of the legal claim or any settlement thereof."
(4)Within the body of the contract, in all capital letters in at least 12-point
bold-type font contained within a box: "THE FUNDED AMOUNT AND AGREED-UPON CHARGES SHALL BE PAID ONLY FROM THE PROCEEDS OF YOUR LEGAL CLAIM, AND SHALL BE PAID ONLY TO THE EXTENT THAT THERE ARE AVAILABLE PROCEEDS FROM YOUR LEGAL CLAIM. YOU WILL NOT OWE [INSERT NAME OF THE CONSUMER LEGAL FUNDING COMPANY] ANYTHING IF THERE ARE NO REMAINING PROCEEDS AVAILABLE FROM YOUR LEGAL CLAIM, UNLESS YOU OR YOUR ATTORNEY HAVE COMMITTED FRAUD AGAINST THE CONSUMER LEGAL FUNDING COMPANY. NOTWITHSTANDING ANYTHING TO THE CONTRARY, YOU MAY REFINANCE THE FUNDED AMOUNT AND AGREED UPON CHARGES AS AUTHORIZED BY RULE."
(5)Located immediately above the place on the contract where the consumer's signature
is required, in 12-point font: "Do not sign this contract before you read it completely or if it contains any blank spaces. You are entitled to a completely filled-in copy of the contract. Before you sign this contract, you should obtain the advice of an attorney. Depending on the circumstances, you may want to consult a tax, public or private benefits planning, or financial professional. You acknowledge that your attorney in the legal claim has provided no tax, public or private benefit planning, or financial advice regarding this transaction."
(6)The consumer legal funding company shall provide the consumer with information on
accessing a financial coaching program no later than the funding date.