Maintenance Funding Provider
A business entity may not act as a maintenance funding provider in this state without registering with the division.
Frequently Asked Questions
- an immediate family member of an individual;
- an accountant providing accounting services to an individual; or
- an attorney providing legal services to an individual.
- pay or offer to pay a commission, referral fee, or any other form of consideration to the following
for referring an individual to the maintenance funding provider:
- an attorney authorized to practice law;
- a health care provider; or
- an employee, independent contractor, or other person affiliated with a person described in Subsection (3)(a)(i) or (ii);
- accept a commission, referral fee, or any other form of consideration from a person described in Subsection (3)(a) for referring an individual to the person;
- refer an individual or potential individual to a person described in Subsection (3)(a), unless the referral is to a local or state bar association referral service;
- intentionally advertise materially false or misleading information about the maintenance funding provider's services;
- make or attempt to influence a decision relating to the conduct, settlement, or resolution of a legal action for which the maintenance funding provider provides legal funding; or
- knowingly pay or offer to pay court costs, filing fees, or attorney fees using legal funding.
- a bank while in the course of conducting a banking business as described in Section 7-3-1;
- a deferred deposit lender, as defined in Section 7-23-102, while engaged in the business of deferred deposit lending;
- a title lender, as defined in Section 7-24-102, while engaged in the business of extending a title loan;
- a creditor, as defined in Section 70C-1-302, subject to the provisions of Title 70C, Utah Consumer Credit Code.
- revoking or suspending a maintenance funding provider's registration;
- ordering a maintenance funding provider to cease and desist from further legal funding;
- imposing a penalty of up to:
- $1,000 per violation; or
- $10,000 per violation that the division finds willful; or
- ordering the maintenance funding provider to make restitution to an individual.
The division's enforcement powers under this section and Section 13-2-6 do not affect an individual's legal claim against a maintenance funding provider.
- the number of maintenance funding agreements entered into by the maintenance funding provider;
- the total dollar amount of legal funding the maintenance funding provider provided;
- the total dollar amount of charges under each maintenance funding agreement, itemized and including the annual rate of return;
- the total dollar amount and number of maintenance funding transactions in which the realized profit to the company was as contracted in the maintenance funding agreement;
- the total dollar amount and number of maintenance funding transactions in which the realized profit to the company was less than contracted; and
- any other information the director requires concerning the maintenance funding provider's business or operations in the state.
On or before April 1 of each year, a maintenance funding provider registered in accordance with Section 13-57-201 shall file a report with the Division.
Download this form, fill it out, and email it to email@example.com: