Contracts assigning rights to inheritance funds; legal rate of interest. Provides that any contract entered into on or after July 1, 2024, pursuant to which a person receives a cash advance for assigning to a company or other entity a portion of such person's rights to receive inheritance funds from a will in a pending probate matter shall be considered a loan and any additional funds such person is obligated to pay under the terms of the contract shall be considered interest. The bill provides that such contract shall be subject to the legal rate of interest.

Statutes affected:
House: Prefiled and ordered printed; offered 01/10/24 24104601D: 6.2-303
House: Printed as engrossed 24104601D-E: 6.2-303
House: Bill text as passed House and Senate (HB648ER): 6.2-303
Governor: Acts of Assembly Chapter text (CHAP0728): 6.2-303