Bill Text: IN HB1558 | 2013 | Regular Session | Enrolled
Bill Title: Consumer lawsuit lending.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Passed) 2013-05-13 - Public Law 75 [HB1558 Detail]
Download: Indiana-2013-HB1558-Enrolled.html
First Regular Session 118th General Assembly (2013)
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HOUSE ENROLLED ACT No. 1558
AN ACT concerning civil procedure.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: ; (13)HE1558.1.1. -->
SECTION 1. [EFFECTIVE UPON PASSAGE] (a) The following
definitions apply throughout this SECTION:
(1) "Consumer" means an individual who is or may become a plaintiff in a proceeding.
(2) "Consumer lawsuit lending" or "consumer lawsuit loan" means:
(A) providing money to a consumer for any purpose other than prosecuting the consumer's proceeding, if the repayment of the money is:
(i) required only if the consumer prevails in the proceeding; and
(ii) sourced from the proceeds of the proceeding, by judgment, settlement, or otherwise; or
(B) purchasing from a consumer a contingent right to receive a share of the potential proceeds of the consumer's proceeding, by judgment, settlement, or otherwise.
(3) "Proceeding" means:
(A) a civil action;
(B) mediation, arbitration, or any other alternative dispute resolution proceeding; or
(C) an administrative proceeding before an agency or instrumentality of the state.
(b) The legislative council is urged to assign to the interim study committee on insurance established by IC 2-5-33.3-2, for study during the 2013 interim of the general assembly, the topic of consumer lawsuit lending.
(c) This SECTION expires July 1, 2014.
SECTION 2. An emergency is declared for this act.
(1) "Consumer" means an individual who is or may become a plaintiff in a proceeding.
(2) "Consumer lawsuit lending" or "consumer lawsuit loan" means:
(A) providing money to a consumer for any purpose other than prosecuting the consumer's proceeding, if the repayment of the money is:
(i) required only if the consumer prevails in the proceeding; and
(ii) sourced from the proceeds of the proceeding, by judgment, settlement, or otherwise; or
(B) purchasing from a consumer a contingent right to receive a share of the potential proceeds of the consumer's proceeding, by judgment, settlement, or otherwise.
(3) "Proceeding" means:
(A) a civil action;
(B) mediation, arbitration, or any other alternative dispute resolution proceeding; or
(C) an administrative proceeding before an agency or instrumentality of the state.
(b) The legislative council is urged to assign to the interim study committee on insurance established by IC 2-5-33.3-2, for study during the 2013 interim of the general assembly, the topic of consumer lawsuit lending.
(c) This SECTION expires July 1, 2014.
SECTION 2. An emergency is declared for this act.
HEA 1558
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