§14A-3-704. Restrictions on private educational lenders.
(1) A private educational lender may not use the name, emblem, mascot, or logo of the covered educational institution, or other words, pictures, or symbols readily identified with the covered educational institution, in the marketing of private education loans in any way that implies that the covered educational institution endorses the private education loans offered […]
§14A-3-816. Implementation.
As soon as practicable after the effective date of this act, but not later than July 1, 2014, the Commission on Consumer Credit shall adopt the rules and procedures necessary to implement this act. Added by Laws 2013, c. 386, § 16, eff. Nov. 1, 2013. NOTE: Editorially renumbered from Title 14A, § 3-716 to […]
§14A-3-705. Private educational loan application disclosures – Cancellation period.
(1) In any application for a private education loan, or a solicitation for a private education loan without requiring an application, the private educational lender shall disclose to the borrower, clearly and conspicuously: (a)the potential range of rates of interest applicable to the private education loan; (b)whether the rate of interest applicable to the private […]
§14A-3-817. Application of act.
The changes in law made by this act apply only to a consumer litigation funding agreement entered into on or after the effective date of this act. A consumer litigation funding agreement entered into before the effective date of this act is governed by the law in effect on the date the agreement was entered […]
§14A-3-801. Definitions.
DEFINITIONS. As used in this act: 1. “Administrator” means the Administrator of Consumer Credit; 2. “Advertise” means to publish or disseminate a written, electronic, or printed communication, or to publish, disseminate, circulate, or place directly or indirectly before the public a communication by means of a recorded telephone message or a communication transmitted on radio, […]
§14A-3-802. Nonapplicability of act.
NONAPPLICABILITY OF ACT. Except as specifically provided by this act, this act does not apply to the following persons who enter into a consumer litigation funding agreement with a consumer: 1. An immediate family member of the consumer; 2. An accountant who provides accounting services to the consumer; or 3. An attorney who, at the […]
§14A-3-803. Agreement required.
AGREEMENT REQUIRED. A person who is not described by Section 2 of this act may not enter into a litigation funding transaction with a consumer except under a consumer litigation funding agreement that complies with this act. Added by Laws 2013, c. 386, § 3, eff. Nov. 1, 2013. NOTE: Editorially renumbered from Title 14A, […]
§14A-3-804. Duty of attorney.
DUTY OF ATTORNEY. An attorney representing a consumer in the legal claim is not under a duty to assign any portion of payments from a settlement, judgment, award, or verdict to the consumer litigation funder unless the attorney has agreed to do so in writing. Added by Laws 2013, c. 386, § 4, eff. Nov. […]
§14A-3-805. Form of agreement – Requirement of existing legal claim.
FORM OF AGREEMENT; REQUIREMENT OF EXISTING LEGAL CLAIM. A. A consumer litigation funding agreement shall: 1. Be in writing; 2. Contain the initials of the consumer on each page; and 3. Be otherwise complete when presented to the consumer for signature. B. A consumer litigation funding agreement may be entered into only if the agreement […]
§14A-3-806. Right of rescission.
RIGHT OF RESCISSION. A consumer litigation funding agreement shall contain inside a text box, in bold type, a right of rescission permitting the consumer to cancel the agreement without penalty or further obligation if, not later than the fifth business day after the funding date, the consumer: 1. Returns to the consumer litigation funder the […]