As used in this article, unless the context otherwise indicates, the following terms have the following meanings.
1. "Consumer" means a person or entity residing or domiciled in this State with a pending civil claim or action and represented by an attorney.
2. "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. If no proceeds in the civil claim or action are received, the consumer is not required to pay the company.
3. "Litigation funding provider" means a person or entity, wherever located, that provides legal funding to a consumer.