State Codes and Statutes

Statutes > Nebraska > Chapter25 > 25-3309

25-3309. Secretary of State; issue certificateof registration or renewal of registration; refusal to issue; grounds; suspend,revoke, or refuse renewal; temporary certificate; submission of data; contents;report.(1)The Secretary of State shall issue a certificate of registration to a civillitigation funding company who complies with subsection (2) of section 25-3307or a renewal of registration under subsection (3) of section 25-3307.(2) The Secretaryof State may refuse to issue a certificate of registration if the Secretaryof State determines that the character, fitness, or financial responsibilityof the civil litigation funding company are such as to warrant belief thatthe business will not be operated honestly or fairly within the purposes ofthe Nonrecourse Civil Litigation Act.(3) The Secretary of State may suspend,revoke, or refuse to renew a certificate of registration for conduct thatwould have justified denial of registration under subsection (2) of section 25-3307 or for violating section 25-3304.(4) The Secretary of State may deny, suspend,revoke, or refuse to renew a certificate of registration only after propernotice and an opportunity for a hearing. The Administrative Procedure Actapplies to the Nonrecourse Civil Litigation Act.(5) The Secretary of Statemay issue a temporary certificate of registration while an application forregistration or renewal of registration is pending.(6) The Secretary of Stateshall require a civil litigation funding company registered pursuant to theact to annually submit certain data, in a form prescribed by the Secretaryof State that contains:(a) The number of nonrecourse civil litigation fundings;(b) The amountof nonrecourse civil litigation fundings;(c) The number of nonrecourse civil litigationfundings required to be repaid by the consumer;(d) The amount chargedto the consumer, including, but not limited to, the annual percentage feecharged to the consumer and the itemized fees charged to the consumer; and(e) The dollaramount and number of cases in which the realization to the civil litigationfunding company was less than contracted.(7) The Secretary of State shall annuallyprepare and submit a report to the Clerk of the Legislature and to the JudiciaryCommittee of the Legislature on the status of nonrecourse civil litigationfunding activities in the state. The report shall include aggregate informationreported by registered civil litigation funding companies. SourceLaws 2010, LB1094, § 9.Effective Date: July 15, 2010 Cross ReferencesAdministrative Procedure Act, see section 84-920.