25-3307 Civil litigation funding company; registration required; application; form; renewal. - Nebraska Statutes

25-3307. Civil litigation funding company;registration required; application; form; renewal.(1) Unless a civil litigation fundingcompany has first registered pursuant to the Nonrecourse Civil LitigationAct, the civil litigation funding company cannot engage in the business ofnonrecourse civil litigation funding.(2) A civillitigation funding company shall submit an application of registration tothe Secretary of State in a form prescribed by the Secretary of State. Anapplication filed under this subsection is a public record and shall containinformation that allows the Secretary of State to make an evaluation of thecharacter, fitness, and financial responsibility of the company such thatthe Secretary of State may determine that the business will be operated honestlyor fairly within the purposes of the act. For purposes of determining a civillitigation funding company's character, fitness, and financial responsibility,the Secretary of State shall request a company to submit: A copy of the company'sarticles of incorporation, articles of organization, certificate of limitedpartnership, or other organizational documents; proof of registration witha Nebraska registered agent; and proof of a surety bond or irrevocable letterof credit issued and confirmed by a financial institution authorized by lawto transact business in the State of Nebraska that is equal to double theamount of the largest funding in the past calendar year or fifty thousanddollars, whichever is greater.(3) A civil litigation funding company mayapply to renew a registration by submitting an application for renewal ina form prescribed by the Secretary of State. An application filed under thissubsection is a public record. The registration shall contain current informationon all matters required in an original registration. SourceLaws 2010, LB1094, § 7.Effective Date: July 15, 2010