Ind. Code § 24-4.5-3-110
Repealed
Redline — January 1, 2018 → current.View current text →
Current — January 1, 2023
As of January 1, 2018
Sec. 110. (1) "Civil proceeding advance payment transaction", or "CPAP transaction", means a nonrecourse transaction in which a CPAP provider provides a funded amount to a consumer claimant to use for any purpose other than prosecuting the consumer claimant's civil proceeding, if the repayment of the funded amount is:
(a) required only if the consumer claimant prevails in the civil proceeding; and
(b) sourced from the proceeds of the civil proceeding, whether the proceeds result from a judgment, a settlement, or some other resolution.
(2) The term includes a transaction:
(a) that is termed or described as:
(i) a purchase; or
(ii) an assignment of an interest in a consumer claimant's civil proceeding, or in the proceeds of a consumer claimant's civil proceeding;
by the CPAP provider; or
(b) with respect to which the CPAP provider sets forth in a CPAP contract, an agreement by:
(i) the CPAP provider to purchase from the consumer claimant; or
(ii) the consumer claimant to assign to the CPAP provider;
a contingent right to receive a share of the potential proceeds of the consumer claimant's civil proceeding, whether the proceeds result from a judgment, a settlement, or some other resolution.
(3) Notwithstanding section 202(1)(i) of this chapter and section 502(6) of this chapter, a CPAP transaction is not a consumer loan.
[Repealed.]
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.