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West Virginia Code Chapter 46A. West Virginia Consumer Credit and Protection Act § 46A-6N-1. Definitions

Current as of January 01, 2024 | Updated by Findlaw Staff

For purposes of this article:

(1) “Consumer” means any natural person who resides, is present, or is domiciled 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 nonrecourse transaction in which financing is provided to a consumer in return for a consumer's 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 West Virginia Rules of Professional Conduct;

(ii) A consumer loan, as defined by § 46A-1-102 of this code;

(iii) A commercial tort claim, as defined by § 46-9-102 of this code;

(iv) A claim under the Workers' Compensation Law, compiled in chapter 23 of this code; or

(v) Normal or course of business lending or financing arrangements between an attorney or law firm and a lending institution.

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Cite this article: FindLaw.com - West Virginia Code Chapter 46A. West Virginia Consumer Credit and Protection Act § 46A-6N-1. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/wv/chapter-46a-west-virginia-consumer-credit-and-protection-act/wv-code-sect-46a-6n-1/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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