Sec. 1. The following definitions apply throughout this chapter: (1) "Commercial litigation financier" means a person that enters into, or offers to enter into, a commercial litigation financing agreement with a plaintiff in a civil proceeding. The term does not include a nonprofit organization. (2) "Commercial litigation financing agreement" means a nonrecourse agreement that a commercial litigation financier enters into, or offers to enter into, to provide funding to support a plaintiff or the plaintiff's attorney in prosecuting the civil proceeding, if the repayment of the funded amount is: (A) required only if the plaintiff prevails in the civil proceeding; and (B) sourced entirely from the proceeds of the civil proceeding, whether the proceeds result from a judgment, a settlement, or some other resolution. The term does not include a civil proceeding advance payment transaction, an agreement between an attorney and a client for the attorney to provide legal services on a contingency fee basis or to advance the client's legal costs, a health insurance plan or agreement, a repayment agreement of a financial institution if repayment is not contingent upon the outcome of the civil proceeding, a funding agreement to a nonprofit organization that represents a client on a pro bono basis, or an agreement of an assigned claim to prosecute an environmental contamination matter. (3) "Foreign country of concern" includes the following: (A) A foreign government listed in 15 CFR 791.4. (B) A country designated as a threat to critical infrastructure by the governor under IC 1-1-16-8 . (4) "Foreign entity of concern" means a partnership, association, corporation, organization, or other combination of persons: (A) organized or incorporated in a foreign country of concern; (B) owned or controlled by the government, a political subdivision, or a political party of a foreign country of concern; (C) that has a principal place of business in a foreign country of concern; or (D) that is owned, organized, or controlled by or affiliated with a foreign organization that has been: (i) placed on the federal Office of Foreign Assets Control specially designated nationals and blocked persons list ("SDN List"); or (ii) designated by the United States Secretary of State as a foreign terrorist organization. (5) "Foreign person" means: (A) an individual who is not a citizen of the United States or an alien lawfully admitted for permanent residence in the United States; (B) an unincorporated association, of which a majority of members are not citizens of the United States or aliens lawfully admitted for permanent residence in the United States; (C) a corporation that is not incorporated in the United States; (D) the government, a political subdivision, or a political party of a country other than the United States; (E) an entity that is organized under the laws of a country other than the United States; (F) an entity that has a principal place of business in a country other than the United States and that has shares or other ownership interest held by the government or a government official of a country other than that of the United States; and (G) an employee, official, or member of any entity described in clauses (B) through (F).‹ Prev All Indiana sections Next ›
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