13-57-102.  Definitions.
     As used in this chapter:

(1)  “Business entity” means a sole proprietorship, partnership, limited partnership, limited liability company, corporation, or other entity or association used to carry on a business for profit.

Terms Used In Utah Code 13-57-102

  • Business entity: means a sole proprietorship, partnership, limited partnership, limited liability company, corporation, or other entity or association used to carry on a business for profit. See Utah Code 13-57-102
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Director: means the director of the Division of Consumer Protection. See Utah Code 13-57-102
  • Division: means the Division of Consumer Protection of the Department of Commerce established in Section 13-2-1. See Utah Code 13-57-102
  • Individual: means a person who:
(a) resides in this state; and
(b) has or may have a pending legal action in this state. See Utah Code 13-57-102
  • Legal funding: means a payment of $500,000 or less to an individual in exchange for the right to receive an amount out of the potential proceeds of any realized settlement, judgment, award, or verdict the individual may receive in a civil legal action. See Utah Code 13-57-102
  • Maintenance funding provider: means a business entity that engages in the business of legal funding. See Utah Code 13-57-102
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means :Utah Code 68-3-12.5
  • 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.
  • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
  • Verdict: The decision of a petit jury or a judge.
    • (2)  “Director” means the director of the Division of Consumer Protection.

    (3)  “Division” means the Division of Consumer Protection of the Department of Commerce established in Section 13-2-1.

    (4)  “Health care provider” means the same as that term is defined in Section 78B-3-403.

    (5)  “Individual” means a person who:

    (a)  resides in this state; and

    (b)  has or may have a pending legal action in this state.

    (6)  “Legal funding” means a payment of $500,000 or less to an individual in exchange for the right to receive an amount out of the potential proceeds of any realized settlement, judgment, award, or verdict the individual may receive in a civil legal action.

    (7)  “Maintenance funding agreement” means an agreement between an individual and a maintenance funding provider under which the maintenance funding provider provides legal funding to the individual.

    (8) 

    (a)  “Maintenance funding provider” means a business entity that engages in the business of legal funding.

    (b)  “Maintenance funding provider” does not include:

    (i)  an immediate family member of an individual;

    (ii)  an accountant providing accounting services to an individual; or

    (iii)  an attorney providing legal services to an individual.

    Enacted by Chapter 118, 2020 General Session

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