Utah Code 13-57-301. Maintenance funding agreements
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(1) A maintenance funding agreement shall:
Terms Used In Utah Code 13-57-301
- Contract: A legal written agreement that becomes binding when signed.
- Individual: means a person who:(5)(a) resides in this state; and(5)(b) has or may have a pending legal action in this state. 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
- Verdict: The decision of a petit jury or a judge.
- Writing: includes :
(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(1)(a) be in writing;(1)(b) contain a right of rescission permitting the individual to cancel the agreement without penalty or further obligation, if the individual returns to the maintenance funding provider the full amount of the disbursed funds:(1)(b)(i) within five business days after the day on which the individual and maintenance funding provider enter the agreement; and(1)(b)(ii)(1)(b)(ii)(A) in person by delivering the maintenance funding provider’s uncashed check to the maintenance funding provider’s office; or(1)(b)(ii)(B) by insured, certified, or registered United States mail to the address specified in the maintenance funding agreement in the form of the maintenance funding provider’s uncashed check or a registered or certified check or money order;(1)(c) contain the disclosures described in Section 13-57-302;(1)(d) include the amount of money the maintenance funding provider provides to the individual;(1)(e) include an itemization of one-time charges;(1)(f) include a payment schedule that:(1)(f)(i) includes the funded amount and all charges; and(1)(f)(ii) lists the total amount of any realized settlement, judgment, award, or verdict to be paid to the maintenance funding provider at the end of each six-month period, if the contract is satisfied during that period; and(1)(g) include a provision that the maintenance funding agreement includes no charge or fee other than the charges and fees disclosed in the maintenance funding agreement; and(1)(h) include a provision that:(1)(h)(i) if there are no available proceeds from the legal action, the individual will owe the maintenance funding provider nothing; and(1)(h)(ii) the maintenance funding provider’s total charges will be paid only to the extent there are available proceeds from the legal action after the settlement of all liens, fees, and other costs.(2) A maintenance funding agreement may not require an individual to make a payment to the maintenance funding provider in an amount determined as a percentage of the recovery from the legal action.