Utah Code 13-57-402. Public education regarding legal funding — Reporting to Legislature
Current as of: 2024 | Check for updates
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(1) The director shall help educate the general public regarding legal funding in the state by:
Terms Used In Utah Code 13-57-402
- Director: means the director of the Division of Consumer Protection. See Utah Code 13-57-102
- Division: means the Division of Consumer Protection of the Department of Commerce established in Section 13-2-1. 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) analyzing and summarizing data maintenance funding providers submit under Section 13-57-203; and
(1)(b) publishing the analysis and summary described in Subsection (1)(a) on the division‘s web page.
(2) Before October 1, 2022, the director shall report to the Business and Labor Interim Committee on the status of legal funding in the state and make any recommendation the director decides is necessary to improve the regulatory framework of legal funding, including a recommendation on whether to limit charges a maintenance funding provider may impose under a maintenance funding agreement.