Lawmakers are giving a bill another try that critics say will lead to more frivolous lawsuits. The "Lawsuit Loanshark" Bill, as the head of Illinois Lawsuit Abuse Watch likes to call it, would create a new, unregulated loan industry with virtually no oversight that allows for plaintiffs to borrow against expected winnings in court cases.
Among the bill's detractors is Travis Akin, Executive Director of I-LAW, who says such a law would open the door in Illinois to predatory "lawsuit lenders" who invest in litigation.
A similar bill was killed in the Illinois House two years ago. This new bill (House Bill 2301) was introduced in late February and has been assigned to the House Judiciary Committee.