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