CONTRACTS: Provides for regulation of litigation funding by a third party that is a foreign person, state, or wealth fund. (8/1/24) (EN SEE FISC NOTE GF EX)

This bill establishes rules to regulate litigation funding provided by third parties that are foreign persons, states, or sovereign wealth funds. It specifically targets these external entities to ensure they comply with state laws when financing legal disputes within the jurisdiction. The legislation defines the scope of these foreign funders and sets requirements for their operations, while also clarifying that domestic citizens and state entities are not subject to these specific restrictions. By amending existing statutes, the bill aims to create a clear legal framework for oversight of cross-border litigation financing activities.