§12-101. Short title This article may be known and cited as “the Maine Consumer Credit Code Legal Funding Practices.” [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).
§12-102. Definitions 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 […]
§12-103. Application of law 1. This article does not apply to an advance made by a consumer’s attorney to pay for expenses related to preparation for trial. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] 2. Legal funding that is made pursuant to this article is not a consumer credit […]
§12-104. Requirements for legal funding contracts The following provisions govern the legal funding contracts used by a litigation funding provider. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] 1. All contracts must be written in a clear and coherent manner using words with common, everyday meanings to enable the average […]
§12-105. Fee requirements 1. A litigation funding provider may not assess fees for any period exceeding 42 months from the date of the contract with the civil litigant. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] 2. Fees assessed by a litigation funding provider may compound semiannually but may not […]
§12-106. Registration of litigation funding provider; fees 1. Unless a litigation funding provider has first registered pursuant to this article, the litigation funding provider may not engage in the business of legal funding. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] 2. Registration must be filed in the manner prescribed […]
§12-107. Powers and functions of the administrator 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, […]
