§ 25-3307 — Civil litigation funding company; registration required; application; form; renewal

Nebraska § 25-3307

• Jurisdiction: Nebraska
• Ch. 25: Courts; Civil Procedure

Text

(1) Unless a civil litigation funding
company has first registered pursuant to the Nonrecourse Civil Litigation
Act, the civil litigation funding company cannot engage in the business of
nonrecourse civil litigation funding.
(2) A civil
litigation funding company shall submit an application of registration to
the Secretary of State in a form prescribed by the Secretary of State. An
application filed under this subsection is a public record and shall contain
information that allows the Secretary of State to make an evaluation of the
character, fitness, and financial responsibility of the company such that
the Secretary of State may determine that the business will be operated honestly
or fairly within the purposes of the act. For purposes of determining a civil
litigation funding company's character, fitness, and financial responsibility,
the Secretary of State shall request a company to submit: A copy of the company's
articles of incorporation, articles of organization, certificate of limited
partnership, or other organizational documents; proof of registration with
a Nebraska registered agent; and proof of a surety bond or irrevocable letter
of credit issued and confirmed by a financial institution authorized by law
to transact business in the State of Nebraska that is equal to double the
amount of the largest funding in the past calendar year or fifty thousand
dollars, whichever is greater.
(3) A civil litigation funding company may
apply to renew a registration by submitting an application for renewal in
a form prescribed by the Secretary of State. An application filed under this
subsection is a public record. The registration shall contain current information
on all matters required in an original registration.

Legislative History

Source: Laws 2010, LB1094, § 7.