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).]

Terms Used In Maine Revised Statutes Title 9-A Sec. 12-102

  • Consumer: means a person or entity residing or domiciled in this State with a pending civil claim or action and represented by an attorney. See Maine Revised Statutes Title 9-A Sec. 12-102
  • 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. See Maine Revised Statutes Title 9-A Sec. 12-102
  • 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.
  • Verdict: The decision of a petit jury or a judge.
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).]

SECTION HISTORY

PL 2007, c. 394, §1 (NEW). PL 2007, c. 394, §3 (AFF).
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