Lawsuit Loans Tampa

Legal Regulations Surrounding Legal Funding in the State of Florida

In this day and age, we have seen quite a drastic increase in the number of personal injury lawsuits being files across the United States. And as a result of such a drastic increase in the number of personal injury lawsuits being files across the country, the monetary figures for compensatory and punitive damages have reaches staggering figures as well – with some estimates putting figures well into the billions over the last few years. Just as these figures have risen across the country, the state of Florida has seen an even larger increase in its own personal injury lawsuits – some would argue due to the state of Florida being one of the most tumultuous in the union. Whether its due to the increase in drug and alcohol use (as well as abuse) in Florida, the increases in crime, and the overall exponential rise in the number of car accidents, it seems that individuals in Florida are far more likely to seek out legal means to handle their disputes. Which, to many, is actually quite a good thing, as in years past those same disputes might have resulted in violence and even more, non-legal, negligent actions being taken. As a result of the increase in personal injury lawsuits, when it comes to lawsuit loans Tampa Florida has also seen quite an impressive rise in the amount of legal funding Tampa experts at Express Funding have claimed. When it comes to legal funding Tampa is not only one of the leaders across the country, but according to the team at Express Funding, known to provide the best lawsuit loans Tampa has to offer, Florida has been a hotbed for the advancement in legal funding, as different cases within the state have led to the industry gaining the most regulation it has seen across the entire country. Within this article, we will explore the legality of legal funding, and how such regulation has come about in the state of Florida.

Lawsuits Involving Legal Funding

The fact is that no matter what your personal feelings might be about any specific legal funding company, or the industry as a whole, when it comes to lawsuit loans Tampa plaintiffs have been able to access funds that have saved them from financial ruin in more ways than one. Without delving too deep into specific cases, over the years when it comes to legal funding Tampa Florida has been the backdrop for a lot of different arguments over the legal standing of the industry. The fact is that during its early years, the industry was completely unregulated, and a lot of unscrupulous individuals, with long histories of fraud and criminal activity, had entered into the landscape. These early companies, sought out plaintiffs in dire need of cash, and loaned it to them, with completely unreasonable rates, astronomical fees, and because, at the time, (aside from a nearly impossible to get, bank loan) this was their only option for legal funding Tampa plaintiffs agreed to the terms, thinking that if they got millions from their lawsuit, what could be the harm in paying getting a high-interest loan to cover their bills until it comes. However, these million-dollar settlements don’t always come, and it left many individuals lucky to walk away with a few grand, from their settlement once they paid back the funding and any associated interests and fees. Due to this reputation, and these early companies operating however they pleased, it led many to file lawsuits against companies, stating that their funding dollars were actually quite literally lawsuit loans Tampa plaintiffs felt that as a result they should be subject to certain laws and rules surrounding loans. The truth of the matter is that when referring to these unscrupulous companies, their practices were in fact in the legal grey area. However, as time went on, more legitimate legal funding businesses, such as Express Funding of America popped up, offering far more favorable, realistic terms to their clients.

As a result of more legitimate companies entering legal funding, and offering different terms than those that came before them, lawmakers now gained a better understanding of the industry, and actually had good and bad terms to make a comparison. When it comes to legal funding Tampa experts at Express Funding, and other companies like it, offer what is known as non-recourse funding, meaning they do not collect, and the plaintiff is not obligated to pay them back their funding, unless they win or settle their case, and actually are awarded monetary compensation from the defense. Because of this, a landmark legal decision was made, stating that their service was not actually providing loans, but rather was almost an investment into their lawsuit and they were in essence, purchasing a portion of their payout, allowing them to collect fees, and a plaintiff to get a lump sum of cash upfront to cover expenses, without having to wait for their settlement to actually come. This made it a win-win situation, and a real legitimate service. As a result, this created a few important regulations in lawsuit loans Tampa plaintiffs and companies must adhere to.

· Bodily Injury & Property Damage Minimum Policy Limits: This statute made it so that there is a minimum of $10,000 in property damage liability, per accident that occurs. Also, there is a $10,000 minimum in personal injury protection.

· Comparative Fault: This law dictates that, If the plaintiff is at fault, that percentage will diminish proportionately the amount he is entitled to recover.

· Statute of Limitations: There is a 4-year statute of limitations on legal funding.

· Minimum Auto Insurance Limits: When it comes to Liability: 10/20/10. Then when it comes to Personal Injury Protection: $10,000 for Bodily Injury.Technically, liability is not required by Florida but many carriers require 10/20.

· Workers Comp: Provides eligibility for workers compensation to legal funding clients.

For more information on all there is to know about legal funding, be sure to contact Express Funding today.