1. A person shall not engage in the business of a consumer litigation funding company in this State without having first obtained a license from the Commissioner pursuant to this chapter.
2. For the purpose of this section, a person is “engaged in the business of a consumer litigation funding company” if the person:
(a) Solicits or engages in consumer litigation funding transactions in this State; or
(b) Is located in this State and solicits or engages in consumer litigation funding transactions outside of this State.
3. Any person and the several members, officers, directors, agents and employees thereof who violate or participate in the violation of this section are guilty of a misdemeanor.