Tennessee § 47-16-102 - Chapter definitions.

§ 47-16-102. Chapter definitions.

As used in this chapter: “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; “Litigation financier” means a person, entity or partnership engaged in the business of litigation financing; and “Litigation financing” or “litigation financing transaction”: 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 Does not include: 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; A commercial tort claim as defined by § 47-9-102; or A claim under the Workers' Compensation Law, compiled in title 50, chapter 6. Acts 2014, ch. 819, § 1. Compiler's Notes. Pursuant to Article III, Section 18 of the Constitution of Tennessee, Acts 2014, ch. 819 took effect on April 28, 2014, for the purpose of promulgating rules. Effective Dates. Acts 2014, ch. 819, § 3. July 1, 2014; provided that for the purpose of promulgating rules, the act took effect April 28, 2014. [See the Compiler's Note.] Cross-References. Contingent fees under Rules of Professional Conduct, Tenn. Sup. Ct. R. 8, RPC 1.5.