As used in this chapter:(1) '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;(2) 'Litigation financier' means a person, entity or partnership engaged in the business of litigation financing; and(3) 'Litigation financing' or 'litigation financing transaction':(A) 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(B) Does not include: (i) 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;(ii) A commercial tort claim as defined by § 47-9-102; or(iii) A claim under the Workers' Compensation Law, compiled in title 50, chapter 6. Acts 2014, ch. 819, § 1.
Tennessee Legal Code