Maine Revised Statutes Title 9-A Sec. 12-105 – Fee requirements
Current as of: 2023 | Check for updates
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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).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 12-105
- Consumer: means a person or entity residing or domiciled in this State with a pending civil claim or action and represented by an attorney. See Maine Revised Statutes Title 9-A Sec. 12-102
- Contract: A legal written agreement that becomes binding when signed.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Litigation funding provider: means a person or entity, wherever located, that provides legal funding to a consumer. See Maine Revised Statutes Title 9-A Sec. 12-102
2. Fees assessed by a litigation funding provider may compound semiannually but may not compound based on any lesser time period.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
3. In calculating the annual percentage fee or rate of return, a litigation funding provider must include all charges payable directly or indirectly by the consumer, and must compute the rate based only on amounts actually received and retained by a consumer.
[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).