Okla. Stat. tit. 14A, § 14A-3-801: Definitions

DEFINITIONS.

As used in this act:

1. "Administrator" means the Administrator of Consumer Credit;

2. "Advertise" means to publish or disseminate a written,

electronic, or printed communication, or to publish, disseminate,

circulate, or place directly or indirectly before the public a

communication by means of a recorded telephone message or a

communication transmitted on radio, television, the Internet, or

similar communications media, including film strips, motion

pictures, and videos, for the purpose of inducing a person to enter

into a consumer litigation funding agreement;

3. "Charge" or "charges" means the amount paid to a consumer

litigation funder by or on behalf of the consumer, in addition to

the funded amount provided by or on behalf of the funder to a

consumer. The term includes an administrative fee, origination fee,

underwriting fee, and other fees, regardless of how the fee is

denominated, and any amounts denominated as interest;

4. "Consumer" means an individual who has a pending legal claim

and who:

a. resides in this state, or

b. has a legal claim in this state;

5. "Consumer litigation funder" or "funder" means a person that

enters into a consumer litigation funding agreement with a consumer.

The term does not include:

a. an attorney who, at the time money is provided to or

on behalf of a consumer under a consumer litigation

funding agreement, has an attorney-client relationship

with the consumer concerning the consumer's legal

claim,

b. an accountant who provides accounting services to the

consumer, or

c. an immediate family member of the consumer;

6. "Consumer litigation funding agreement" means an agreement:

a. under which money is provided to or on behalf of a

consumer by a consumer litigation funder for a purpose

other than prosecuting the consumer's legal claim, and

b. the repayment of the money is in accordance with a

litigation funding transaction the terms of which are

included as part of the consumer litigation funding

agreement;

7. "Funded amount" means the amount provided to or on behalf of

the consumer under a consumer litigation funding agreement. The

term does not include a charge;

8. "Funding date" means the date on which the consumer

litigation funder:

a. transfers the funded amount to the consumer by

personal delivery or by wire, ACH debit, or other

electronic means, or

b. mails the funded amount to the consumer by insured,

certified, or registered United States mail;

9. "Immediate family member" means:

a. a parent, sibling, spouse, grandparent, or grandchild

of an individual, or

b. a child related by blood, adoption, or marriage to an

individual;

10. "Legal claim" includes:

a. a civil action,

b. an alternative dispute resolution proceeding, or

c. an administrative proceeding before an agency of this

state, except for workers' compensation claims, which

are not assignable;

11. "Litigation funding transaction" means a non-recourse

transaction in which a consumer litigation funder purchases, and a

consumer assigns to the funder, a contingent right to receive an

amount of the potential proceeds of a settlement, judgment, award,

or verdict obtained in the consumer's legal claim; and

12. "Resolution date" means the date on which the sum of the

amount funded to the consumer and the agreed to charges is delivered

to the consumer litigation funder.