§14A-3-809. License required - Application.

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LICENSE REQUIRED; APPLICATION.

A. A consumer litigation funder shall obtain a license from the Administrator before engaging in an activity in this state that shall be performed under a consumer litigation funding agreement that complies with this act.

B. A consumer litigation funder shall file a licensing application in the form and manner prescribed by the Administrator. The application shall:

1. Contain all information the Administrator requires to evaluate the character and fitness of the applicant, and if the

applicant is an entity, the character and fitness of each officer and director of the applicant funder; and

2. Be accompanied by a fee of Two Hundred Ninety Dollars ($290.00).

C. Nothing in this section shall prohibit a company doing business as a consumer litigation funder in this state on the effective date of this act from continuing to do so during the time period in which the initial licensure application is being processed by the Administrator, and until such time as the application is approved or denied. Added by Laws 2013, c. 386, § 9, eff. Nov. 1, 2013. NOTE: Editorially renumbered from Title 14A, § 3-709 to avoid a duplication in numbering.