§12-102. Definitions
177 words·~1 min read·
/me/title-9-a-maine-consumer-credit-code/12-102·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
1. "Consumer" means a person or entity residing or domiciled in this State with a pending civil claim or action and represented by an attorney.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
2. "Legal funding" means a transaction in which a company makes a cash payment to a consumer in exchange for the right to receive an amount out of the potential proceeds of any realized settlement, judgment, award or verdict the consumer may receive in a civil claim or action. If no proceeds in the civil claim or action are received, the consumer is not required to pay the company.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
3. "Litigation funding provider" means a person or entity, wherever located, that provides legal funding to a consumer.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]