Okla. Stat. tit. 14A, § 14A-3-807
This is the official text of Okla. Stat. tit. 14A, § 14A-3-807, part of Oklahoma’s Stat. tit. 14A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 14A,." Browse the sections below, each linked to its official government source.
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Disclosures
Official statutory text
DISCLOSURES.
A. A consumer litigation funding agreement shall contain the
disclosures required by this section. The disclosures shall be
clear and conspicuous and in at least twelve-point bold type, except
as provided by subsection F of this section.
B. On the front page of the agreement under appropriate
headings, the agreement shall disclose:
1. The funded amount to be paid to the consumer by the consumer
litigation funder;
2. An itemization of one-time charges;
3. The total amount to be assigned by the consumer to the
funder, including the funded amount and all charges; and
4. A payment schedule that:
a. includes the funded amount and charges, and
b. lists all dates and the amount due at the end of each
one-hundred-eighty-day period from the funding date
until the due date of the maximum amount due to the
funder by the consumer to satisfy the amount owed
under the agreement.
C. Pursuant to the requirements set forth in this act, the
agreement shall contain the following statement: "CONSUMER'S RIGHT
TO CANCELLATION: You may cancel this agreement without penalty or
further obligation within five business days after the funding date
if you either:
1. Return to the consumer litigation funder the full amount of
the disbursed funds by delivering the funder's uncashed check to the
funder's office in person; or
2. Send, by insured, certified, or registered United States
mail, to the funder at the address specified in the agreement, a
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 174
notice of cancellation and include in the mailing a return of the
full amount of disbursed funds in the form of the funder's uncashed
check or a registered or certified check or money order."
D. The agreement shall disclose that:
1. The consumer litigation funder may not participate in
deciding whether, when, or the amount for which a legal claim is
settled;
2. The funder may not interfere with the independent
professional judgment of the attorney handling the legal claim or
any settlement of the legal claim; and
3. The consumer shall notify the funder of the settlement or
adjudication of the legal claim before the resolution date.
E. The agreement shall contain in all capital letters the
following text within a box: "THE FUNDED AMOUNT AND AGREED TO
CHARGES SHALL BE PAID ONLY FROM THE PROCEEDS OF YOUR LEGAL CLAIM,
AND SHALL BE PAID ONLY TO THE EXTENT THAT THERE ARE AVAILABLE
PROCEEDS FROM YOUR LEGAL CLAIM. YOU WILL NOT OWE (INSERT NAME OF
THE CONSUMER LITIGATION FUNDER) ANYTHING IF THERE ARE NO PROCEEDS
FROM YOUR LEGAL CLAIM, UNLESS YOU HAVE VIOLATED ANY MATERIAL TERM OF
THIS AGREEMENT OR YOU HAVE COMMITTED FRAUD AGAINST THE CONSUMER
LITIGATION FUNDER."
F. Immediately above the line for the consumer's signature, the
agreement shall contain the following disclosure in twelve-point
type: "Do not sign this agreement before you read it completely or
if it contains any blank spaces. You are entitled to a completed
copy of the agreement. Before you sign this agreement, you should
obtain the advice of an attorney. Depending on the circumstances,
you may want to consult a tax, public or private benefits planning,
or financial professional.
A. A consumer litigation funding agreement shall contain the
disclosures required by this section. The disclosures shall be
clear and conspicuous and in at least twelve-point bold type, except
as provided by subsection F of this section.
B. On the front page of the agreement under appropriate
headings, the agreement shall disclose:
1. The funded amount to be paid to the consumer by the consumer
litigation funder;
2. An itemization of one-time charges;
3. The total amount to be assigned by the consumer to the
funder, including the funded amount and all charges; and
4. A payment schedule that:
a. includes the funded amount and charges, and
b. lists all dates and the amount due at the end of each
one-hundred-eighty-day period from the funding date
until the due date of the maximum amount due to the
funder by the consumer to satisfy the amount owed
under the agreement.
C. Pursuant to the requirements set forth in this act, the
agreement shall contain the following statement: "CONSUMER'S RIGHT
TO CANCELLATION: You may cancel this agreement without penalty or
further obligation within five business days after the funding date
if you either:
1. Return to the consumer litigation funder the full amount of
the disbursed funds by delivering the funder's uncashed check to the
funder's office in person; or
2. Send, by insured, certified, or registered United States
mail, to the funder at the address specified in the agreement, a
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 174
notice of cancellation and include in the mailing a return of the
full amount of disbursed funds in the form of the funder's uncashed
check or a registered or certified check or money order."
D. The agreement shall disclose that:
1. The consumer litigation funder may not participate in
deciding whether, when, or the amount for which a legal claim is
settled;
2. The funder may not interfere with the independent
professional judgment of the attorney handling the legal claim or
any settlement of the legal claim; and
3. The consumer shall notify the funder of the settlement or
adjudication of the legal claim before the resolution date.
E. The agreement shall contain in all capital letters the
following text within a box: "THE FUNDED AMOUNT AND AGREED TO
CHARGES SHALL BE PAID ONLY FROM THE PROCEEDS OF YOUR LEGAL CLAIM,
AND SHALL BE PAID ONLY TO THE EXTENT THAT THERE ARE AVAILABLE
PROCEEDS FROM YOUR LEGAL CLAIM. YOU WILL NOT OWE (INSERT NAME OF
THE CONSUMER LITIGATION FUNDER) ANYTHING IF THERE ARE NO PROCEEDS
FROM YOUR LEGAL CLAIM, UNLESS YOU HAVE VIOLATED ANY MATERIAL TERM OF
THIS AGREEMENT OR YOU HAVE COMMITTED FRAUD AGAINST THE CONSUMER
LITIGATION FUNDER."
F. Immediately above the line for the consumer's signature, the
agreement shall contain the following disclosure in twelve-point
type: "Do not sign this agreement before you read it completely or
if it contains any blank spaces. You are entitled to a completed
copy of the agreement. Before you sign this agreement, you should
obtain the advice of an attorney. Depending on the circumstances,
you may want to consult a tax, public or private benefits planning,
or financial professional.
Status: in_force · Read it on the official government site
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