02-030 C.M.R. ch. 714, § IV - GENERAL PROVISIONS

1. Registration periods. Registrations for Litigation Funding Providers are currently granted for a two-year period and expire on September 30^th.

a. State of Maine renewal registration application fees. The fee to renew a Litigation Funding Provider registration or branch registration is set at $200.00.

b. Any registrant not renewing by November 1 of the year the registration expires will be billed a late fee of $100.00.

2. For applicants that do not hold a valid Maine Litigation Funding Provider registration as of the effective date of this rule ("new applicants")

a. New Applications. Applicants that submit applications after the effective date of this rule will apply directly to the Bureau on forms required by the Administrator.

b. Terms of registrations. A registration accepted September 1 or later will be valid through September 30 of the second following calendar year. For example, a registration granted on September 15, 2023 will be valid through September 30, 2025. A registration issued prior to September 1 will be valid only until September 30 of the following year. For example, a registration granted on August 15, 2023 will be valid until September 30, 2024.

c. State of Maine new registration application fees. Fees assessed to new applicants are as follows:

i. Litigation Funding Provider application fee: $500.00;

ii. Litigation Funding Provider branch application fee: $200.00.

3. Application Requirements. Applicants for new or renewal registrations shall provide the following information and documentation. A separate registration is required for each location from which business is conducted.

a. Full legal name and address of the individual or entity to be registered.

b. Telephone number(s), website address, and address of every physical location from which the applicant will operate.

c. Type of entity: sole proprietorship, partnership, corporation, LLC, LLP, other (explain, if "other").

d. Social Security number or Federal Tax Identification number as applicable.

e. Any DBAs or fictitious names to be used by the applicant.

f. For foreign entities, proof of filing with and authority to do business as a foreign entity from the Maine Secretary of State.

g. For foreign entities, the name, address, and telephone number of an authorized agent within the state of Maine for service of process.

h. resumes of:

i. A sole proprietor;

ii. The executive officers of a corporate applicant;

iii. The manager of an LLC or LLP;

iv. All partners of a partnership;

v. The person who will oversee the daily operations of the registered office and its personnel; and

vi. Any controlling person of the applicant.

If any individual listed above has been the subject of a civil, administrative or criminal action involving theft, forgery, false representation, misapplication of funds or other financial issue within the past 10 years, for each such instance, provide the title of the action, jurisdiction, date of disposition, and a detailed explanation of the person's involvement.

i. A consumer credit report and for each of the persons listed immediately above in h.

j. An audited financial statement and any other information necessary to substantiate the availability of at least $25,000.00 in net tangible assets for the operation of each registered location. Each registrant must maintain net tangible assets of at least $25,000.00 which are either used or readily available for use in the conduct of the business of each registered location.

k. The names, titles, addresses, telephone numbers and e-mail addresses of the persons to contact for scheduling of compliance examinations and consumer complaint resolution.

l. A duly executed surety bond in the amount of $50,000.00, on a form as specified by the Administrator for each office location.

m. A sample contract or written agreement and disclosure forms of the type that will be utilized with Maine consumers.

n. If the applicant utilizes credit reports to deny applications for legal funding, a sample copy of the denial form which conforms with the requirements of the Federal Fair Credit Reporting Act.

o. Whether the applicant has been the subject of an administrative or criminal action involving theft, forgery, false representation, misapplication of funds or other financial issue within the past 10 years. If so, for each such instance, provide the title of the action, jurisdiction, date of disposition, and a detailed explanation of the applicant's involvement

4. Changes to existing registration information. If any information reported by a registrant changes during a period of registration, the registrant must amend its information on file with the Bureau within 30 days of the occurrence of the change. Notice of a change of control of the registrant must be provided to the Bureau and the Bureau must approve any change of control before the same becomes effective.

5. Routine technical rule. This is a routine technical rule as authorized by 9-A M.R.S. §12-106(2).

Notes

02-030 C.M.R. ch. 714, § IV