This bill modifies the Maintenance Funding Practices Act.
This bill:
- defines terms;
- distinguishes between consumer maintenance funding and commercial maintenance funding;
- extends the consumer's right of rescission;
- restricts foreign investment;
- restricts specified relationships between an attorney and a funding provider;
- provides that a funding provider is jointly and severally liable for an award or order imposing costs or monetary sanctions against a consumer related to the legal claim for which funding was provided;
- protects communications between a consumer's attorney and the consumer maintenance funding provider that ascertain a claim's status or an expected value from discovery;
- requires that a party disclose, without a discovery request, any commercial maintenance funding agreement where the commercial maintenance funding provider's compensation is contingent on the outcome of the legal claim;
- provides that a commercial maintenance funding agreement is admissible at trial;
- restricts a commercial maintenance funding provider from making decisions, having influence, or directing the conduct, settlement, or resolution of a legal claim for which funding was provided; and
- makes technical and conforming changes.

Statutes affected:
Introduced: 13-57-102, 13-57-201, 13-57-202, 13-57-203, 13-57-301, 13-57-302, 13-57-401, 13-57-402, 13-57-501, 13-57-502, 13-57-503