2022 Nevada Revised Statutes
Chapter 604C - Consumer Litigation Funding
NRS 604C.640 - Annual report by licensee; composite reports. [Effective until the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030.] Annual report by licensee; composite reports; Commissioner may require additional reports. [Effective on the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030.]
1. On or before January 31 of each year, a licensee shall submit a report to the Commissioner containing:
(a) The number of consumer litigation funding transactions in which the company engaged in this State for the immediately preceding year;
(b) A summation of the total funded amount of the consumer litigation funding transactions in which the company engaged in this State for the immediately preceding year, expressed in dollars; and
(c) The annual percentage charged to each consumer when repayment was made.
2. If a licensee operated more than one office or provides consumer litigation funding to persons outside of the State, the licensee shall submit a composite report of all consumer litigation funding transactions in which the company engaged for the immediately preceding year.
3. The Commissioner shall make the information contained in the report available to the public upon request in a manner which maintains the confidentiality of the name of each company and consumer.
(Added to NRS by 2019, 2412)
1. On or before January 31 of each year, a licensee shall submit a report to the Commissioner and the Registry containing:
(a) The number of consumer litigation funding transactions in which the company engaged in this State for the immediately preceding year;
(b) A summation of the total funded amount of the consumer litigation funding transactions in which the company engaged in this State for the immediately preceding year, expressed in dollars; and
(c) The annual percentage charged to each consumer when repayment was made.
2. If a licensee operated more than one office or provides consumer litigation funding to persons outside of the State, the licensee shall submit a composite report of all consumer litigation funding transactions in which the company engaged for the immediately preceding year.
3. The Commissioner shall make the information contained in the report available to the public upon request in a manner which maintains the confidentiality of the name of each company and consumer.
4. The Commissioner may require a licensee to file more frequent reports as the Commissioner determines necessary.
(Added to NRS by 2019, 2412; A 2021, 2054, effective on the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030)
