Monday, March 21, 2011

General Assembly News: TBA bill aimed at protecting clients, lawyers

Companies that advance money to plaintiffs involved in personal injury lawsuits are lobbying in legislatures across the country to ensure their industry is not subject to usury limits on interest rates or other state laws that protect borrowers.

In Tennessee, the effort to put some controls in place is being led by the Tennessee Bar Association. The TBA initiative, coming from the Tort and Insurance Practice Section, is focused not on the intra-industry fight, but on protecting clients, lawyers and the legal process from many of the excesses of an unregulated industry. The TBA bill (HB1084, SB0921) is sponsored by House Consumer Affairs Committee Chair Jimmy Eldridge (R-Jackson) and Sen. Mae Beavers (R-Lebanon), chair of the senate Judiciary Committee.

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