The bill amends the Litigation Financing Transparency and Consumer Protection Act and introduces the Foreign Investment in Litigation Financing Act, which establishes new definitions and regulations regarding litigation financing. It prohibits funding from certain foreign entities identified as foreign adversaries or foreign persons of concern. Key amendments clarify terms such as "consumer," "legal claim," and "litigation financer," while also introducing requirements for transparency and registration of foreign persons involved in litigation financing. The bill outlines specific consumer protections, including restrictions on litigation financers' actions and the obligation to disclose financing contracts to relevant parties.

Additionally, the legislation imposes joint and several liability on litigation financers for costs associated with civil actions and prohibits foreign adversaries from engaging in litigation financing within the state. It emphasizes confidentiality regarding proprietary information shared during legal claims, ensuring that such information is not disclosed to foreign entities. The bill mandates that foreign persons engaged in litigation financing must register and disclose specific information to the secretary of state, including their identity and any related contracts. The act includes provisions for severability and is set to take effect upon passage, applying to contracts entered into after the effective date.

Statutes affected:
LC Text: 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_1(1): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_1(2): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_1(3): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_1(4): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_1(5): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_1: 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(1): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(10): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(11): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(12): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(13): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(2): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(3): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(4): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(5): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(6): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(7): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(8): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X(9): 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120
SB0511_X: 31-4-102, 31-4-104, 31-4-108, 31-4-118, 31-4-120