Prohibited activities or conduct.

  1. Law
  2. Oklahoma Statutes
  3. Consumer Credit Code
  4. Prohibited activities or conduct.

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PROHIBITED ACTIVITIES OR CONDUCT.

A consumer litigation funder may not:

1. Pay or offer to pay a commission, referral fee, or other form of consideration to an attorney, law firm, medical provider, chiropractor, or physical therapist or an employee of such a person for referring a consumer to the funder;

2. Accept any commission, referral fee, rebate, or other form of consideration from an attorney, law firm, medical provider, chiropractor, or physical therapist or an employee of such a person;

3. Intentionally advertise materially false or misleading information about the funder's products or services;

4. Refer, to further an initial legal funding, a customer or potential customer to a specific attorney, law firm, medical provider, chiropractor, or physical therapist or an employee of such a person, except that the funder may refer a customer or potential customer who needs legal representation to a local or state bar association referral service;

5. Fail to promptly supply a copy of the executed agreement to the consumer's attorney;

6. Knowingly provide funding to a consumer who has previously assigned or sold a portion of the consumer's right to proceeds from the consumer's legal claim without first paying to or purchasing from a previously unsatisfied consumer litigation funder that funder's entire funded amount and charges due under that funder's applicable agreement, unless:

  • a.a lesser amount is otherwise agreed to in writing by the consumer litigation funders, or
  • b.multiple funders have agreed to concurrently provide funding to a consumer, if the consumer consents to the arrangement in writing;

7. Make a decision relating to the conduct, settlement, or resolution of the underlying legal claim, the power of which shall remain solely with the consumer and the attorney handling the legal claim; or

8. Knowingly pay or offer to pay, using funds from the litigation funding transaction, court costs, filing fees, or attorneys' fees during or after the resolution of the legal claim.

Added by Laws 2013, c. 386, § 14, eff. Nov. 1, 2013.

NOTE: Editorially renumbered from Title 14A, § 3-714 to avoid a duplication in numbering.


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