§ 47-16-102 — Chapter definitions

As used in this chapter: (1) "Consumer" means any natural person who resides, is present or is domiciled in this state, or who is or may become a plaintiff or complainant in a dispute in this state; (2) "Litigation financier" means a person, entity or partnership engaged in the business of litigation financing; and (3) "Litigation financing" or "litigation financing transaction": (A) Means a non-recourse transaction in which financing is provided to a consumer in return for a consumer assigning to the litigation financier a contingent right to receive an amount of the potential proceeds of the consumer's judgment, award, settlement or verdict obtained with respect to the consumer's legal claim; and (B) Does not include: (i) Legal services provided on a contingency fee basis, or advanced legal costs, where such services or costs are provided to or on behalf of a consumer by an attorney representing the consumer in the dispute and in accordance with the Tennessee Rules of Professional Conduct; (ii) A commercial tort claim as defined by § 47-9-102 ; or (iii) A claim under the Workers' Compensation Law, compiled in title 50, chapter 6.

Legislative History

Acts 2014, ch. 819, § 1.