Section 401 – Rulemaking.
Effective 5/12/2020 13-57-401. Rulemaking. The division shall make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to: (1) establish an application process for a business entity to register with the division as a maintenance funding provider, in accordance with Section 13-57-201; (2) establish a filing process for a maintenance funding provider […]
Section 402 – Public education regarding legal funding — Reporting to Legislature.
Effective 5/12/2020 13-57-402. Public education regarding legal funding — Reporting to Legislature. (1) The director shall help educate the general public regarding legal funding in the state by: (a) analyzing and summarizing data maintenance funding providers submit under Section 13-57-203; and (b) publishing the analysis and summary described in Subsection (1)(a) on the division’s web […]
Section 501 – Enforceability.
Effective 5/12/2020 13-57-501. Enforceability. If a maintenance funding provider violates a provision of this chapter, a maintenance funding agreement associated with the violation is unenforceable by the maintenance funding provider or any successor-in-interest to the maintenance funding agreement. Enacted by Chapter 118, 2020 General Session
Section 502 – Penalties — Enforcement.
Effective 5/12/2020 13-57-502. Penalties — Enforcement. (1) After notice and an opportunity for an administrative hearing in accordance with Title 63G, Chapter 4, Administrative Procedures Act, the division may, in addition to exercising the division’s enforcement powers under Section 13-2-6, enforce the provisions of this chapter by: (a) revoking or suspending a maintenance funding provider’s […]
Section 202 – Maintenance funding provider operations.
Effective 5/12/2020 13-57-202. Maintenance funding provider operations. (1) A maintenance funding provider may only provide legal funding to an individual if the maintenance funding provider and the individual enter into a maintenance funding agreement that meets the requirements of Section 13-57-301. (2) Before executing a maintenance funding agreement, a maintenance funding provider shall file with […]
Section 203 – Annual reports.
Effective 5/12/2020 13-57-203. Annual reports. (1) On or before April 1 of each year, a maintenance funding provider registered in accordance with Section 13-57-201 shall file a report: (a) under oath; (b) with the director; and (c) in a form the director prescribes. (2) The report described in Subsection (1) shall include, for the preceding […]
Section 301 – Maintenance funding agreements.
Effective 5/12/2020 13-57-301. Maintenance funding agreements. (1) A maintenance funding agreement shall: (a) be in writing; (b) contain a right of rescission permitting the individual to cancel the agreement without penalty or further obligation, if the individual returns to the maintenance funding provider the full amount of the disbursed funds: (i) within five business days […]
Section 302 – Required disclosures.
Effective 5/12/2020 13-57-302. Required disclosures. A maintenance funding provider shall disclose in a maintenance funding agreement: (1) that the maintenance funding provider may not participate in deciding whether, when, or the amount for which a legal action is settled; (2) that the maintenance funding provider may not interfere with the independent professional judgment of the […]
Section 201 – Maintenance funding provider registration and registration renewal.
Effective 5/12/2020 13-57-201. Maintenance funding provider registration and registration renewal. (1) Except as provided in Subsection (4), a business entity may not act as a maintenance funding provider in this state without registering with the division. (2) To register as a maintenance funding provider, a business entity shall submit to the division an application for […]