Indiana Code 24-12-1-1. Definitions
(1) “Advertise” means publishing or disseminating any written, electronic, or printed communication, or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet, or similar communications media, including film strips, motion pictures, and videos, published, disseminated, circulated, or placed before the public, directly or indirectly, for the purpose of inducing a consumer to enter into a CPAP transaction.
Terms Used In Indiana Code 24-12-1-1
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Contract: A legal written agreement that becomes binding when signed.
- CPAP transaction: means a nonrecourse transaction in which a CPAP provider provides a funded amount to a consumer claimant to use for any purpose other than prosecuting the consumer claimant's civil proceeding, if the repayment of the funded amount is:
Indiana Code 24-12-1-0.5
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Remand: When an appellate court sends a case back to a lower court for further proceedings.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) “Civil proceeding”, with respect to a CPAP transaction, means:
(A) a civil action;
(B) a mediation, an arbitration, or any other alternative dispute resolution proceeding; or
(C) an administrative proceeding before:
(i) an agency or instrumentality of the state; or
(ii) a political subdivision, or an agency or instrumentality of a political subdivision, of the state;
that is filed in, or is under the jurisdiction of, a court with jurisdiction in Indiana, a tribunal in Indiana, or an agency or instrumentality described in clause (C) in Indiana. The term includes all proceedings arising out of or relating to the proceeding, including any proceedings on appeal or remand, and any enforcement, ancillary, or parallel proceedings.
(4) “Civil proceeding advance payment contract”, or “CPAP contract”, means a contract for a CPAP transaction that a CPAP provider enters into, or offers to enter into, with a consumer claimant.
(5) “Civil proceeding advance payment provider”, or “CPAP provider”, means a person that enters into, or offers to enter into, a CPAP transaction with a consumer claimant in connection with a civil proceeding.
(6) “Civil proceeding advance payment transaction”, or “CPAP transaction”, has the meaning set forth in section 0.5 of this chapter.
(7) “Consumer claimant”, with respect to a CPAP transaction, means an individual:
(A) who is or may become a plaintiff, a claimant, or a demandant in a civil proceeding; and
(B) who:
(i) is offered a CPAP transaction by a CPAP provider; or
(ii) enters into a CPAP transaction with a CPAP provider.
(8) “Department” refers to the department of financial institutions established by IC 28-11-1-1.
(9) “Director” means the director of the department of financial institutions or the director’s designee.
(10) “Funded amount”, with respect to a CPAP transaction, means the amount of money:
(A) that is provided to the consumer claimant by the CPAP provider;
(B) the repayment of which is:
(i) required only if the consumer claimant prevails in the consumer claimant’s civil proceeding; and
(ii) sourced from the proceeds of the civil proceeding, whether the proceeds result from a judgment, a settlement, or some other resolution; and
(C) that under IC 24-12-4-1(1)(A) must be:
(i) set forth; and
(ii) designated by the term “funded amount”;
by the CPAP provider in the CPAP contract.
(11) “Funding date” means the date on which the funded amount is transferred to the consumer claimant by the CPAP provider, by:
(A) personal delivery, wire, Automated Clearing House (ACH), or other electronic means; or
(B) insured, certified, or registered United States mail.
(12) “Nationwide Multistate Licensing System and Registry” (or “Nationwide Mortgage Licensing System and Registry” or “NMLSR”) means a multistate licensing system owned and operated by the State Regulatory Registry, LLC, or by any successor or affiliated entity, for the licensing and registration of creditors, mortgage loan originators, and other persons in the mortgage or financial services industries. The term includes any other name or acronym that may be assigned to the system by the State Regulatory Registry, LLC, or by any successor or affiliated entity.
(13) “Regularly engaged”, with respect to a CPAP provider, refers to a CPAP provider that:
(A) entered into CPAP transactions with consumer claimants more than fifteen (15) times in the preceding calendar year; or
(B) enters into or will enter into CPAP transactions with consumer claimants more than fifteen (15) times in the current calendar year, if the CPAP provider did not meet the numerical standard described in clause (A) in the preceding calendar year.
(14) “Resolution date” means the date the funded amount, plus the agreed upon charges, is delivered to the CPAP provider.
(15) “Unique identifier” means a number or other identifier assigned by protocols established by the NMLSR.
As added by P.L.153-2016, SEC.7. Amended by P.L.85-2017, SEC.96; P.L.176-2019, SEC.37.