create provisions governing litigation financing.
What changed between versions
Added comprehensive definitions for 'consumer,' 'division,' 'entity,' 'foreign country of concern,' 'foreign entity of concern,' 'legal representative,' 'litigation financer,' 'litigation financing,' 'litigation financing contract,' and 'regulated lender' to establish clear regulatory boundaries.
Added requirement that persons engaging in litigation financing must be licensed as money lenders under chapter 54-4.
Added requirements that entities seeking to conduct business as litigation financiers must be active and in good standing with the Secretary of State and must explicitly authorize litigation finance in their governing documents.
Added provisions that exclude state and federally chartered banks and credit unions from the definition of litigation financer, creating an exemption for traditional financial institutions.
