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QUALIFICATIONS OF PRE-SETTLEMENT FUNDING AGENCIES

This is a difficult topic to discuss for a variety of reasons .The history of pre-settlement funding agencies is vague. All that is really known about the existence of these companies is that they began   forming  around 1997 and have continued growing.  Internet and television ads  have brought more and more attention to the industry,  although at a fairly slow rate. With the number that are currently operating, however, one might be inclined to  understand what the process may be  and  what laws and guidelines must be followed in order to stay in compliance, and more importantly, stay in business.

 

One of the main issues when discussing what it takes to establish a lawsuit funding agency is that there are really no qualifications on a state, federal, licensing, or professional level. There are no regulatory agencies or groups that oversee the operation of pre-settlement funding agencies or other lawsuit settlement funding companies. However, even though there is a lack of overall guidelines to follow, there are few things that a potential business owner will want to keep in mind if they are considering establishing a lawsuit funding company.