Pols eye lawsuit loans

The chair of the Assembly Consumer Affairs Committee is promising to tackle abuses in the shady lawsuit loan industry after The Post revealed lenders are charging customers sky-high interest rates.

“There are bad actors out there,” said Assemblyman Matthew Titone (D-SI). “That has to be addressed. At the very least, we need a system in place that takes the element of surprise out of these types of loans.”

Bills involving the industry have been referred to Titone’s committee.

The Post has reported how some lawsuit loan firms exploit customers by charging interest rates as high as 124 percent, court papers state.

The upfront cash also encourages frivolous lawsuits against New York City, ultimately costing taxpayers, critics complain.

One bill, sponsored by state Sen. Robert Ortt (R-Lockport) and Assemblyman William Magnarelli (D-Syracuse) would cap the loans’ interest rates at 16 percent.

Another measure pushed by Assemblyman Erik Dilan (D-Brooklyn) would only prohibit “materially false or misleading advertising.”

A spokesman for Senate Majority Leader John Flanagan (RSmithtown) said his office is reviewing measures to rein in the industry.