Illinois Compiled Statutes 815 ILCS 121/5 – Definitions
Current as of: 2024 | Check for updates
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“Advertise” means publishing or disseminating any written, electronic, or printed communication, or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet, or similar communications media, including film strips, motion pictures, and videos, published, disseminated, circulated, or placed before the public, directly or indirectly, for the purpose of inducing a consumer to enter into a consumer legal funding.
“Charges” means the fees, as set forth in Section 25, to be paid to the consumer legal funding company by or on behalf of the consumer above the funded amount provided by or on behalf of the company to an Illinois consumer pursuant to this Act.
“Consumer” means a natural person who has a pending legal claim and who resides or is domiciled in Illinois.
“Consumer legal funding” or “funding” means a nonrecourse transaction in which a company purchases and a consumer transfers to the company an unvested, contingent future interest in the potential net proceeds of a settlement or judgment obtained from the consumer’s legal claim; if no proceeds are obtained from the consumer’s legal claim, the consumer is not required to repay the company the consumer legal funding amount or charges.
“Consumer legal funding company” or “company” means a person or entity that enters into, purchases, or services a consumer legal funding transaction with an Illinois consumer. “Consumer legal funding company” does not include:
(1) an immediate family member of the consumer;
(2) a bank, lender, financing entity, or other
“Charges” means the fees, as set forth in Section 25, to be paid to the consumer legal funding company by or on behalf of the consumer above the funded amount provided by or on behalf of the company to an Illinois consumer pursuant to this Act.
Terms Used In Illinois Compiled Statutes 815 ILCS 121/5
- 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.
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
“Consumer” means a natural person who has a pending legal claim and who resides or is domiciled in Illinois.
“Consumer legal funding” or “funding” means a nonrecourse transaction in which a company purchases and a consumer transfers to the company an unvested, contingent future interest in the potential net proceeds of a settlement or judgment obtained from the consumer’s legal claim; if no proceeds are obtained from the consumer’s legal claim, the consumer is not required to repay the company the consumer legal funding amount or charges.
“Consumer legal funding company” or “company” means a person or entity that enters into, purchases, or services a consumer legal funding transaction with an Illinois consumer. “Consumer legal funding company” does not include:
(1) an immediate family member of the consumer;
(2) a bank, lender, financing entity, or other
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special purpose entity:
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(A) that provides financing to a consumer legal
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funding company; or
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(B) to which a consumer legal funding company
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grants a security interest or transfers any rights or interest in a consumer legal funding; or
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(3) an attorney or accountant who provides services
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to a consumer.
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“Department” means the Department of Financial and Professional Regulation.
“Funded amount” means the amount of moneys provided to, or on behalf of, the consumer in the consumer legal funding. “Funded amount” does not include charges except for charges that are deducted from the funded amount.
“Funding date” means the date on which the funded amount is transferred to the consumer by the consumer legal funding company either by personal delivery; via wire, ACH, or other electronic means; or mailed by insured, certified, or registered United States mail.
“Immediate family member” means a parent; sibling; child by blood, adoption, or marriage; spouse; grandparent; or grandchild.
“Legal claim” means a bona fide civil claim or cause of action.
“Resolution amount” means the funded amount plus the agreed-upon charges that are delivered to the consumer legal funding company on the resolution date.
“Resolution date” means the date the resolution amount is delivered to the consumer legal funding company.
“Secretary” means the Secretary of Financial and Professional Regulation or the Secretary’s designee.
“Funded amount” means the amount of moneys provided to, or on behalf of, the consumer in the consumer legal funding. “Funded amount” does not include charges except for charges that are deducted from the funded amount.
“Funding date” means the date on which the funded amount is transferred to the consumer by the consumer legal funding company either by personal delivery; via wire, ACH, or other electronic means; or mailed by insured, certified, or registered United States mail.
“Immediate family member” means a parent; sibling; child by blood, adoption, or marriage; spouse; grandparent; or grandchild.
“Legal claim” means a bona fide civil claim or cause of action.
“Resolution amount” means the funded amount plus the agreed-upon charges that are delivered to the consumer legal funding company on the resolution date.
“Resolution date” means the date the resolution amount is delivered to the consumer legal funding company.
“Secretary” means the Secretary of Financial and Professional Regulation or the Secretary’s designee.