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Committee advances bill letting individuals withdraw litigation financier registration
Summary
House Bill 13,39 would allow individuals registered as litigation financiers to withdraw their registration and release a required bond, extending a process currently available only to business entities.
The Departments & Agencies Committee advanced House Bill 13,39, a measure that clarifies withdrawal procedures for individuals registered as litigation financiers.
Representative Reeves, carrying the bill from the Secretary of State’s office, said Tennessee law currently requires litigation financiers to register and post a bond, and that while business entities may withdraw registration and be released from their bond, the statute is silent about individuals. “This simply extends to individuals a process to withdraw registration,” Reeves said.
Committee members did not offer substantive amendments or extended debate. The clerk recorded the vote as 8 ayes and 0 noes. The bill will move to full committee for further consideration.
The transcript indicates the bill’s intent is to equalize procedural treatment between business entities and individuals for withdrawal of registration and bond release; the text of the bill and fiscal impacts were not read into the record during the committee explanation.
