31-4-206. Registration and transparency of foreign persons.
216 words·~1 min read·
/mt/title-31/chapter-4/part-2/31-4-206·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
31-4-206 . Registration and transparency of foreign persons.
(1)A foreign person who is qualified to engage in litigation financing in this state shall comply with this chapter if the foreign person engages in litigation financing in this state.
(2)A litigation financer shall disclose in writing to the secretary of state the information set forth in subsection
(3)if the litigation financer engages in any of the following:
(a)becomes affiliated with or maintains an affiliation with a foreign person;
(b)receives or accepts money or funds from a foreign person for any purpose; or
(c)allows a foreign person to invest in, maintain an ownership interest in, or exercise any control over the litigation financer.
(3)The following information must be disclosed in writing to the secretary of state:
(a)the name and address of the foreign person and the citizenship of the foreign person or the country of incorporation, formation, or registration of the foreign person; and
(b)a copy of each litigation financing contract in which the foreign person is entitled to receive any payment under the contract.
(4)The litigation financer shall provide the written notice and the information disclosure required under [this section] within 30 days after the date on which a litigation financing agreement is executed by the consumer.