U.S. Chamber of Commerce Looking to Eliminate Consumer Legal Funding from Illinois
by ARC Legal Funding
The U.S. Chamber of Commerce wants nothing more then for the entire consumer legal funding industry to vanish from Illinois. In the current session at the Illinois State House, the U.S. Chamber of Commerce is attempting to persuade legislators that price control regulations along with other regulations disguised as “consumer-friendly” measures are a must to rein in the consumer legal funding industry. Of course the ultimate goal for the Chamber is to somehow pass these regulations and wipe the consumer legal funding industry from existence in Illinois. Passage of such measures would also kill hundreds of jobs and leave thousands of consumers without a financial resource that has become so vital to so many in Illinois.
For many years now, consumer legal funding has provided essential services to thousands of Illinois consumers. Because of consumer legal funding, consumers in Illinois finally had a debt-free and non-recourse financial option that allowed them to pay for items such as rent, utilities, food and medical bills while they awaited their auto injury claim to be settled. It is residence like Lance from Franklin Park, Illinois who no longer had to worry about his family’s daily living expenses or have to settle for a less-then-fair amount on his claim. Instead, he could fight for what he deserved, a fair settlement on his injury claim.
You see Lance was recently in an auto accident, at no fault of his own that left him injured and unable to work. After waiting months for his claim to be settled and with little to no money left in his savings account, Lance and his family needed help. After exploring several financial options, Lance decided consumer legal funding was right for him. After consulting his lawyer and looking over the fully disclosed terms of the agreement, Lance received an amount of money that would be sufficient enough to help him pay for rent, food, utilities and medical bills he incurred from the auto accident.
“We had bills to pay and couldn’t wait any longer for the auto injury case to be settled,” Lance said. Consumer legal funding relieved that stress.”
So why would the U.S. Chamber of Commerce seek regulations that would eliminate an industry so many have come to rely on? Killing hundreds of jobs in Illinois? And creating several new regulations, including a new price control law that would dictate how much a company can charge for its products?
It all comes down to the bottom lines of the now handful of mega corporations the U.S. Chamber of Commerce represents. Long gone are the days of the U.S. Chamber representing the voice of all business, where its mission was to provide a vibrant job-creating atmosphere among small and large businesses alike. Instead, they have begun to author and promote legislation in state capitals like Springfield to enact price control and job killing bills that will benefit the few at the expense of the many.
It is time for members in Springfield to stand up to the U.S. Chamber Of Commerce and help to preserve the vital services the consumer legal funding industry provides to hardworking citizens like Lance of Franklin Park, Illinois.