Sec. 2. (a) With respect to a CPAP transaction, a CPAP provider may impose the following:
(1) A fee that is:
(A) calculated at an annual rate that does not exceed thirty-six percent (36%) of the funded amount; and
(B) earned at consummation and each year after consummation on the anniversary of the funding date, in the case of a CPAP transaction offered or entered into after June 30, 2019.
(2) A servicing charge that is:
(A) calculated at an annual rate that does not exceed seven percent (7%) of the funded amount; and
(B) earned at consummation and each year after consummation on the anniversary of the funding date, in the case of a CPAP transaction offered or entered into after June 30, 2019.
(3) With respect to any one (1) civil proceeding, total charges that do not exceed five hundred dollars ($500) for obtaining and preparing documents, in the case of a CPAP transaction offered or entered into after June 30, 2019.
(4) The following with respect to a CPAP transaction offered or entered into after June 30, 2016, and before July 1, 2019:
(A) If the funded amount of the CPAP transaction is less than five thousand dollars ($5,000), a one (1) time charge that does not exceed two hundred fifty dollars ($250) for obtaining and preparing documents.
(B) If the funded amount of the CPAP transaction is at least five thousand dollars ($5,000), a one (1) time charge that does not exceed five hundred dollars ($500) for obtaining and preparing documents.
(b) A CPAP provider may not assess, or collect from the consumer claimant, any fee or charge not otherwise permitted under this chapter in connection with a CPAP transaction. The fees and charges permitted under this chapter are not subject to refund or rebate.
As added by P.L.176-2019, SEC.40.