VIOLATION OF ACT.
A. If a court finds that a consumer litigation funder has not been properly licensed pursuant to the Uniform Consumer Credit Code or has intentionally violated Sections 3-801 through 3-817 of the Uniform Consumer Credit Code with respect to a litigation funding transaction, the funder is entitled to recover the funded amount provided to the consumer and may not receive any additional charges.
B. In addition to any other applicable investigative and enforcement provisions of the Uniform Consumer Credit Code, the Administrator may, after notice and hearing, impose an administrative fine not to exceed Five Thousand Dollars ($5,000.00) against a consumer litigation funder who knowingly and willfully violates or causes a violation of Sections 3-801 through 3-817 of the Uniform Consumer Credit Code regarding consumer litigation funding or a rule adopted thereto.
Added by Laws 2013, c. 386, § 15, eff. Nov. 1, 2013. Amended by Laws 2014, c. 252, § 1, eff. July 1, 2014.
NOTE: Editorially renumbered from Title 14A, § 3-715 to avoid a duplication in numbering.
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