The General Assembly Raised Bill No. 1544 aims to enhance consumer protections related to presettlement legal funding and loans associated with anticipated wrongful incarceration awards. The bill mandates the Commissioner of Banking, or their designee, to conduct a study and report on consumer complaints against entities providing presettlement legal funding, focusing on issues such as alleged improprieties, unlicensed lending, and consent decrees. The report will cover a five-year period from July 1, 2020, to June 30, 2025, and will also include recommendations for legislative changes to improve protections for individuals seeking compensation for wrongful incarceration.

Additionally, the bill specifies that the Commissioner of Banking must submit the findings to the relevant joint standing committees of the General Assembly by January 15, 2026. The new legal language introduced in this bill includes provisions for the study and reporting requirements, while the bill does not contain any deletions from existing law. The overall purpose is to ensure that individuals seeking compensation for wrongful incarceration are adequately protected from potential exploitation by funding entities.