The National Federation of Independent Business (NFIB), Ohio’s leading small business advocacy organization, applauds Ohio lawmakers in both chambers for passing important third-party litigation funding legislation during their respective sessions. House Bill 105, previously passed by the Ohio House of Representatives, would increase transparency and enhance consumer protections concerning third-party litigation funding. NFIB will consider House Bill 105 a Key Vote of the 136^th General Assembly.

“Third-party litigation funding allows outside investors to profit from lawsuits while driving up costs for Ohio’s small businesses,” said NFIB State Director Jared Weiser. “House Bill 105 brings much needed transparency to this growing industry, and we appreciate Ohio legislators for advancing this important legislation and urge Governor DeWine to sign it into law.”

House Bill 105 will implement necessary transparency requirements by ensuring disclosure of a funding agreement after the conclusion of a case. It also implements important consumer protections that ensure plaintiffs are not being taken advantage of. In addition, the bill requires all third-party funding companies to register with the Attorney General before conducting business in Ohio and includes a ban on all funding companies outside the United States.

NFIB Assistant State Director Jacob Flowers recently testified in support of House Bill 105 before the Ohio Senate Judiciary Committee.