1. The powers and functions of the administrator are as set forth in Article 6, except that references to “consumer credit transactions” in Article 6 are considered to be references to advances made pursuant to legal funding.

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

Terms Used In Maine Revised Statutes Title 9-A Sec. 12-107

  • 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
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
2. The administrator shall maintain a list of all registered companies and make that list available to consumers, attorneys and others on a publicly accessible website.

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

3. The administrator shall require a litigation funding provider registered pursuant to section 12?106 to annually submit certain data, in a form and manner acceptable to the administrator, regarding the number of legal fundings, the amount of legal fundings, the number of legal fundings required to be repaid by the consumer and the amount charged to the consumer, including but not limited to the annual percentage fee charged to the consumer and the itemized fees charged to the consumer.

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

4.

[PL 2021, c. 245, Pt. C, §1 (RP).]

SECTION HISTORY

PL 2007, c. 394, §1 (NEW). PL 2007, c. 394, §3 (AFF). PL 2021, c. 245, Pt. C, §1 (AMD).
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