9-A §12-105. Fee requirements
Title 9-A: MAINE CONSUMER CREDIT CODE
Article 12: LEGAL FUNDING PRACTICES
§12-105. Fee requirements
1. A litigation funding provider may not assess fees for any period exceeding 42 months from the date of the contract with the civil litigant.
[ 2007, c. 394, §1 (NEW); 2007, c. 394, §3 (AFF) .]
2. Fees assessed by a litigation funding provider may compound semiannually but may not compound based on any lesser time period.
[ 2007, c. 394, §1 (NEW); 2007, c. 394, §3 (AFF) .]
3. In calculating the annual percentage fee or rate of return, a litigation funding provider must include all charges payable directly or indirectly by the consumer, and must compute the rate based only on amounts actually received and retained by a consumer.
[ 2007, c. 394, §1 (NEW); 2007, c. 394, §3 (AFF) .]
SECTION HISTORY
2007, c. 394, §1 (NEW). 2007, c. 394, §3 (AFF).