Utah Code 13-57-302. Required disclosures
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A maintenance funding provider shall disclose in a maintenance funding agreement:
(1) that the maintenance funding provider may not participate in deciding whether, when, or the amount for which a legal action is settled;
Terms Used In Utah Code 13-57-302
- Fraud: Intentional deception resulting in injury to another.
- 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- 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.
- Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(2) that the maintenance funding provider may not interfere with the independent professional judgment of the attorney handling the legal action or any settlement of the legal action;(3) the following statement in substantially the following form, in all capital letters and at least a 12-point type: “THE FUNDED AMOUNT AND AGREED-TO CHARGES SHALL BE PAID ONLY FROM THE PROCEEDS OF YOUR LEGAL CLAIM, AND SHALL BE PAID ONLY TO THE EXTENT THAT THERE ARE AVAILABLE PROCEEDS FROM YOUR LEGAL CLAIM. YOU WILL NOT OWE (INSERT NAME OF THE MAINTENANCE FUNDING PROVIDER HERE) ANYTHING IF THERE ARE NO PROCEEDS FROM YOUR LEGAL CLAIM, UNLESS YOU HAVE VIOLATED A MATERIAL TERM OF THIS AGREEMENT OR YOU HAVE COMMITTED FRAUD AGAINST THE MAINTENANCE FUNDING PROVIDER.”;(4) in accordance with Section 13-57-301, the following statement in substantially the following form and at least a 12-point type: “CONSUMER’S RIGHT TO CANCELLATION: You may cancel this agreement without penalty or further obligation within five business days after the day on which you enter into this agreement with the maintenance funding provider if you either: 1. return to the maintenance funding provider the full amount of the disbursed funds by delivering the maintenance funding provider’s uncashed check to the maintenance funding provider’s office in person; or 2. send, by insured, certified, or registered United States mail, to the maintenance funding provider at the address specified in this agreement, a notice of cancellation and include in the mailing a return of the full amount of disbursed funds in the form of the maintenance funding provider’s uncashed check or a registered or certified check or money order”; and(5) immediately above the line for the individual‘s signature, the following statement in at least a 12-point type: “Do not sign this agreement before you read it completely or if it contains any blank spaces. You are entitled to a completed copy of the agreement. Before you sign this agreement, you should obtain the advice of an attorney. Depending on your circumstances, you may want to consult a tax, benefits planning, or financial professional.”