13-57-201. Maintenance funding provider registration and registration renewal.
| (1) |
Except as provided in Subsection (4), a business entity may not act as a maintenance funding provider in this state without registering with the division. |
Terms Used In Utah Code 13-57-201
- Business entity: means a sole proprietorship, partnership, limited partnership, limited liability company, corporation, or other entity or association used to carry on a business for profit. 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
- Maintenance funding provider: means a business entity that engages in the business of legal funding. See Utah Code 13-57-102
- Person: means :Utah Code 68-3-12.5
- 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
| (2) |
To register as a maintenance funding provider, a business entity shall submit to the division an application for registration:
| (a) |
in the manner the division determines; and |
| (b) |
that includes:
| (i) |
an application fee in an amount determined by the division in accordance with Sections 13-1-2 and 63J-1-504; and |
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| (3) |
Each year a maintenance funding provider shall renew the maintenance funding provider’s registration by submitting to the division an application for registration renewal:
| (a) |
in the manner the division determines; and |
| (b) |
that includes:
| (i) |
an application fee in an amount determined by the division in accordance with Sections 13-1-2 and 63J-1-504; and |
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| (4) |
A business entity who acts as a maintenance funding provider in the state between May 12, 2019, and May 12, 2020, is permitted to continue to act as a maintenance funding provider:
| (a) |
if the person:
| (i) |
applies for registration in accordance with this section; and |
| (ii) |
complies with the requirements of this chapter; and |
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| (b) |
until the division makes a determination regarding the person’s application for registration under this section. |
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Enacted by Chapter 118, 2020 General Session
