31-4-118. Exemptions.
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/mt/title-31/chapter-4/part-1/31-4-118·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
31-4-118 . Exemptions. This part does not apply to the following:
(1)a nonprofit entity that is exempt from federal income taxation under section 501(c)(3) of the Internal Revenue Code or a nonprofit entity that provides litigation financing, funding, or money to a legal representative to represent a consumer on a pro bono basis, provided that the nonprofit entity does not receive in consideration for the litigation financing the payment of interest, fees, or other consideration in excess of the amount of attorney fees and litigation expenses incurred in conjunction with or in pursuit of the legal claim;
(2)any litigation financing provided by an entity engaged in commerce or business activity, but only if the entity does not:
(a)charge or collect any interest, fees, or other consideration;
(b)retain or receive any financial interest in the outcome of the legal claim; or
(c)receive any right to recovery or payment from the amount of any judgment, award, settlement, verdict, or other form of monetary relief obtained in conjunction with or in pursuit of the legal claim; or
(3)a regulated lender that does not receive, in consideration for loaning money to any person, a right to receive payment from the value of any proceeds or other consideration realized from any judgment award, settlement, verdict, or other form of monetary relief any person may receive or recover in conjunction with or in pursuit of the legal claim.