Vermont Statutes Title 8 Sec. 2260
Terms Used In Vermont Statutes Title 8 Sec. 2260
- Charges: means the amount a consumer owes to a company in addition to the funded amount and includes an administrative fee, origination fee, underwriting fee, processing fee, and any other fee regardless of how the fee is denominated, including amounts denominated as interest or rate. See
- company: means a person that provides consumer litigation funding to a consumer. 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.
§ 2260. Annual reports
(a) Annually, on or before April 1, each company registered under this chapter shall file a report with the Commissioner under oath and in the form and manner prescribed by the Commissioner. In addition to information required by section 2120 of this title, the report shall include any information the Commissioner requires concerning the company’s business and operations during the preceding calendar year within Vermont and, in addition, shall include:
(1) the number of contracts entered into;
(2) the dollar value of funded amounts to consumers;
(3) the dollar value of charges under each contract, itemized and including the annual rate of return;
(4) the dollar amount and number of litigation funding transactions in which the realization to the company was as contracted; and
(5) the dollar amount and number of litigation funding transactions in which the realization to the company was less than contracted.
(b) [Repealed.]
(c) [Repealed.] (Added 2015, No. 128 (Adj. Sess.), § A.1; amended 2019, No. 20, § 39; 2019, No. 20, § 109(b), eff. Dec. 31, 2021.)