7-10-2. Registration requirements; regulation by department.

(a) It is unlawful for a person to engage in litigation financing in this state unless such person is registered as a litigation financier as provided under this Code section. (b) Each person registering as a litigation financier shall be authorized to do business in this state. (c) To register as a litigation financier, a person shall file with the department a registration statement setting forth the following: (1) The legal name of such person; (2) The principal business address and preferred mailing address of such person; (3) The telephone number and email address through which such person may be contacted; (4) The name, principal business address, and preferred mailing address of such person’s registered agent that is authorized to accept service of process on behalf of such person; (5) The name, principal business address, and citizenship or country of incorporation or registration of any foreign person, foreign principal, or sovereign wealth fund affiliated with the person seeking to register as a litigation financier under this Code section in any capacity directly or indirectly related to such person’s litigation financing business; and (6) Any other information deemed necessary by the department. (d) If the person seeking to register as a litigation financier is an entity, such entity shall file with the department a registration statement that provides, with respect to each person that directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing 10 percent or more of the voting shares of the litigation financier, the following: (1) The legal name of each such person; (2) The principal business address and preferred mailing address of each such person; (3) If the person is an individual: (A) Such individual’s occupation; (B) Any offices and positions held with the person seeking to register as a litigation financier during the past five years; (C) Any conviction of a crime other than misdemeanor traffic violations during the past ten years; and (D) The name, principal business address, and citizenship or country of incorporation or registration of any foreign person, foreign principal, or sovereign wealth fund affiliated with such individual in any capacity directly or indirectly related to such individual’s litigation financing business; (4) If the person is an entity: (A) The nature of the entity’s business operations during the past five years or a description of the business intended to be undertaken by the entity and such entity’s subsidiaries, if any; (B) A list of all individuals who are or who have been selected to become directors or officers of the entity and each subsidiary of the entity, if any. Such list shall include for each individual the information required by paragraph (3) of this subsection; and (C) The name, principal business address, and citizenship or country of incorporation or registration of any foreign person, foreign principal, or sovereign wealth fund affiliated with the entity in any capacity directly or indirectly related to such entity’s litigation financing business; and (5) Any other information deemed necessary by the department. (e) No person shall be registered as a litigation financier or shall engage in litigation financing in this state that is, in any capacity directly or indirectly related to such person’s litigation financing business, affiliated with any foreign government or foreign nongovernment person or entity designated by the United States Secretary of Commerce as a foreign adversary pursuant to 15 C.F.R. Section 7.4, or any foreign person, foreign principal, or sovereign wealth fund thereof. (f) A person subject to registration under this Code section shall file, within 30 days of any change to the most recently filed registration or within 30 days of when such registration becomes inaccurate or incomplete in any respect, an amended registration with the department. (g) The commissioner is authorized to prescribe the forms and the filing fees that he or she deems necessary for the purposes of this chapter. (h) All documents and information filed with the department pursuant to this Code section are public records subject to disclosure pursuant to Article 4 of Chapter 18 of Title 50.