The National Federation of Independent Business (NFIB), Ohio’s leading small business organization, issued the below statement from NFIB Ohio State Director Jared Weiser following Governor DeWine’s signing of House Bill 105 into law today:

“On behalf of Ohio’s small business community, we thank Governor DeWine for signing HB 105 into law today as well as the members of the General Assembly who passed this important legislation. Small businesses need protection from lawsuit abuse, and this bill takes a crucial step forward in bringing transparency and accountability to this growing industry. NFIB remains committed to supporting tort reform measures and looks forward to continuing to work with elected officials on this issue.”

NFIB supported and key-voted House Bill 105 and is thankful to sponsors Representatives Meredith Craig and Jim Thomas, as well as Senate Champions Steve Wilson and George Lang, for their leadership.

Background:

The bill will implement necessary transparency requirements by ensuring disclosure of the funding agreement after the conclusion of the case. It will also implement important consumer protections that ensure plaintiffs are not being taken advantage of. Lastly, it will require all third-party funding companies to register with the Attorney General before conducting business in Ohio as well as includes a ban on all funding companies outside the United States.