Lawsuit Loans Can Now Benefit Consumers in Ohio
Ohio Becomes 50th State to Legalize Lawsuit Loans
COLUMBUS, Ohio, July 1 – After being the only state in the US to ban them, Ohio has
legalized lawsuit loans. House Law 248 was passed unanimously by both houses of the Ohio
legislature and signed into law on May 22. The law becomes effective 90 days from its signing
on August 21. While they are commonly called “loans” these financial products are really non-
recourse advances. The term “non-recourse” means that a recipient only has to repay the advance
if and when he or she wins the lawsuit or reaches out-of-court settlement.
“This is good news for consumers,” observes Max Volsky, president and founder of LawMax
Legal Finance (http://www/lawmax.com). “Consumers in other states who were awaiting the
outcome of a pending lawsuit could receive an advance against that lawsuit. Now plaintiffs in
Ohio have the same rights plaintiff-consumers have had in the other 49 states.”
The purpose behind a lawsuit loan is to provide needed cash to plaintiffs awaiting the outcome of
a personal injury, wrongful death or other type of personal injury lawsuit. Many plaintiffs in such
cases could not work as a result of the injuries they incurred, causing them to fall behind on their
mortgage or rent payments, car payments and other obligations. A lawsuit loan – or, or more
correctly, a lawsuit advance – enables a plaintiff to essentially borrow against the expected
proceeds of his or her pending lawsuit.
“When we help a lawsuit plaintiff avoid eviction from his home, or having his car repossessed
and his credit ruined, we provide a valuable public service. That’s why so many personal injury
attorneys refer their clients to LawMax,” adds Mr. Volsky.
About LawMax Legal Finance
Founded in 1999, LawMax Legal Finance is the premier provider of lawsuit funding in the US
and Canada (http://www.lawmax.ca). LawMax is a founding member of ALFA (American Legal
Finance Association), the trade association the represents the legal finance industry. LawMax
provides the broadest selection of legal finance services, including funding of commercial
litigation, divorces, inheritance claims and cases on appeal, as well as non-recourse funding for
attorney and law firms.
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