New York § 1010 - 1010Reporting

§ 1010. 1010Reporting

§ 1010. Reporting. (a) Beginning in two thousand twenty-seven, each litigation funding company that engages in business in this state shall submit an annual report to the department in a form and manner determined by the department no later than the thirty-first day of January of each year specifying for the preceding calendar year: (i) the number of litigation funding contracts for which the charges were paid and for each such contract: (A) the funded amount; (B) the amount paid by the consumer to the litigation funding company; and (C) the total number of days that elapsed between the funding date and the date the last payment of the charges was made to the litigation funding company by the consumer. (ii) the number of litigation contracts that the company has written off as being uncollectible and for each contract: (A) the funded amount; and (B) the total number of days that elapsed between the funding date and the date the litigation funding company wrote off the contract as being uncollectible. (iii) the number of cases initiated by the litigation funding against a consumer. (b) The department shall make such information available to the public, in a manner which maintains the confidentiality of the name of each company and consumer and other personally identifiable information of the consumer, no later than ninety days after the reports are submitted.