This bill amends several sections of the Reissue Revised Statutes of Nebraska to modify the statute of limitations for personal injury actions, establish new disclosure requirements for nonrecourse civil litigation funding, and enhance regulatory oversight of civil litigation funding companies. Specifically, it stipulates that personal injury actions must be initiated within two years from the date of accrual and applies only to causes of action arising on or after the bill's effective date. The bill also expands the definition of "legal claim" to include claims presented in administrative proceedings and introduces a duty for consumers and their attorneys to disclose contracts for nonrecourse civil litigation funding to relevant parties without awaiting a discovery request.

Additionally, the bill outlines the responsibilities of the Secretary of State regarding the registration and regulation of civil litigation funding companies. It allows for the suspension or revocation of registration certificates based on certain conduct and mandates annual reporting requirements for these companies, including data on funding activities and fees charged to consumers. The bill also requires the Revisor of Statutes to assign the new provisions to the appropriate chapter in the statutes and repeals the original sections that are being amended.

Statutes affected:
Introduced: 25-3301, 25-3302, 25-3309