A new Utah bill that was recently enacted will require a surety bond of litigation funding providers.
Details on the New Requirement
The new bill, titled UT H 312, and effective 05/12/2020, regulates litigation funding practices under the Division of Consumer Protection within the Commerce Department, and would require a litigation funding provider to register by submitting an application which includes, among other things, proof of a surety bond in an amount of at least $50,000.
How to Apply for a Surety Bond
If you find that you must obtain this surety bond, you’ll need to contact a bond provider who is licensed to to business in Utah. JW Surety Bonds is licensed nationwide, so please apply for a free quote online, or feel free to reach out to us if you’d like assistance with obtaining this bond.