New Bond Required for Oklahoma Civil Litigation Funding Companies

civil litigation funding companies

The Department of Consumer Credit (DOCC) will now require civil litigation funding companies in Oklahoma to post a $50,000 surety bond in order to become licensed. Companies also have the option of submitting an irrevocable letter of credit in place of the surety bond. The new regulations, adopted in September, also establish licensing application and renewal requirements and several other procedures. These are outlined in the DOCC’s summary of proposed rules.

The new rules are known as the Consumer Litigation Funding Act. The requirements for licensing a civil litigation funding company are as follows:

  • Legal, fictitious and/or trade names of the applicant, and the applicant’s name as it will appear on the license
  • The name and contact information of the contact person of the applicant (person responsible for all communication with the DOCC)
  • Type of business and principal place of business
  • Applicant’s website address (if applicable)
  • If the applicant is an LLC, corporation or partnership, the contact information of all partners, directors, managers, members, agents, etc.
  • Contact information for the registered agent of the applicant for the receipt of service of process in Oklahoma
  • $290 licensing fee

The full text of the new regulations is available in Title 160, Chapter 75 of the Oklahoma Administrative Code (which can be accessed in its entirety here).

Applicants can contact the DOCC with questions about getting licensed. To find out more about the new surety bond, contact SuretyBonds.com.

About the Author

Melanie Baravik
Melanie is a senior at the University of Missouri - Columbia studying English with an emphasis in creative writing. She is a member of the marketing department and outreach team for SuretyBonds.com, a leading provider of online bonding for clients nationwide.