Utah Code 13-57-203. Annual reports
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(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:
Terms Used In Utah Code 13-57-203
- Director: means the director of the Division of Consumer Protection. See Utah Code 13-57-102
- Legal funding: means a payment of $500,000 or less to an individual in exchange for the right to receive an amount out of the potential proceeds of any realized settlement, judgment, award, or verdict the individual may receive in a civil legal action. See Utah Code 13-57-102
- Maintenance funding agreement: means an agreement between an individual and a maintenance funding provider under which the maintenance funding provider provides legal funding to the individual. See Utah Code 13-57-102
- Maintenance funding provider: means a business entity that engages in the business of legal funding. See Utah Code 13-57-102
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(1)(a) under oath;
(1)(b) with the director; and
(1)(c) in a form the director prescribes.
(2) The report described in Subsection (1) shall include, for the preceding calendar year:
(2)(a) the number of maintenance funding agreements entered into by the maintenance funding provider;
(2)(b) the total dollar amount of legal funding the maintenance funding provider provided;
(2)(c) the total dollar amount of charges under each maintenance funding agreement, itemized and including the annual rate of return;
(2)(d) the total dollar amount and number of maintenance funding transactions in which the realized profit to the company was as contracted in the maintenance funding agreement;
(2)(e) the total dollar amount and number of maintenance funding transactions in which the realized profit to the company was less than contracted; and
(2)(f) any other information the director requires concerning the maintenance funding provider’s business or operations in the state.