Vermont Statutes Title 8 Sec. 2252
Terms Used In Vermont Statutes Title 8 Sec. 2252
- company: means a person that provides consumer litigation funding to a consumer. See
- Consumer: means a natural person who is seeking or has obtained consumer litigation funding for a pending legal claim, provided:
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Funded amount: means the amount of monies provided to, or on behalf of, the consumer pursuant to a litigation funding contract. See
- funding: means a nonrecourse transaction in which a company purchases and a consumer assigns to the company a contingent right to receive an amount of the potential net proceeds of a settlement or judgment obtained from the consumer's legal claim. See
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
§ 2252. Registration; financial stability
(a) A company shall not engage in the business of consumer litigation funding without first filing a registration with the Commissioner on a form prescribed by the Commissioner and submitting a registration fee and proof of financial stability.
(b) A company shall file with the Commissioner evidence of its financial stability which shall include proof of a surety bond or irrevocable letter of credit issued and confirmed by a financial institution authorized by law to transact business in Vermont that is equal to double the amount of the company’s largest funded amount in Vermont in the prior three calendar years or $50,000.00, whichever is greater. (Added 2015, No. 128 (Adj. Sess.), § A.1; amended 2017, No. 22, § 1, eff. May 4, 2017; 2019, No. 20, § 34.)