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 of the cause of action accruing and applies only to claims arising 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 and entities.

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 a company's registration for various reasons, including violations of the new disclosure requirements. The Secretary of State is also tasked with collecting data on nonrecourse civil litigation funding activities and preparing an annual report for the Legislature. The original sections of the statutes being amended are repealed, and the Revisor of Statutes is instructed to assign the new provisions accordingly.

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