"Consumer Legal Funding Act."

This bill regulates consumer legal funding companies in New Jersey by establishing requirements for contracts and company operations. It requires fully completed contracts with clear disclosures about fees and repayment terms, including a 5-day right to cancel without penalty, and prohibits companies from paying referral fees to attorneys or using funding to pay for court costs or attorney fees. The bill limits fees to 40% of the funded amount annually, requires companies to register with the Department of Banking and Insurance, and ensures consumers only repay if their legal claim results in proceeds. The law affects consumers with pending legal claims who seek funding and the companies that provide this service.