Georgia Appeals Court Rules Legal Funding Not a Loan

The Georgia Appeals Court ruled on June 27, 2017 that Legal Funding is not a loan under the Georgia Industrial Loan Act (GILA)

The Court stated “Unlike loans, the funding agreements do not always require repayment. Any repayment, under the funding agreements, is contingent upon the direction and time frame of the Plaintiffs’ personal injury litigation, which may be resolved through a myriad of possible outcomes, such as settlement, dismissal, summary judgment, or trial.”

 

This is a win for consumers in Georgia and across the country.