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Indiana Code Title 24. Trade Regulation § 24-12-1-0.5

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 0.5. (a) As used in this article and subject to IC 24-12-6-2, “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:

(1) required only if the consumer claimant prevails in the civil proceeding;  and

(2) sourced from the proceeds of the civil proceeding, whether the proceeds result from a judgment, a settlement, or some other resolution.

(b) The term includes a transaction:

(1) that is termed or described as:

(A) a purchase;  or

(B) 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

(2) with respect to which the CPAP provider sets forth in a CPAP contract, an agreement by:

(A) the CPAP provider to purchase from the consumer claimant;  or

(B) 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.

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Cite this article: FindLaw.com - Indiana Code Title 24. Trade Regulation § 24-12-1-0.5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-24-trade-regulation/in-code-sect-24-12-1-0-5/

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