2A:23B-33 Definitions relative to arbitration organizations.

1. As used in this act:

"Consumer" means a party to an arbitration agreement who, in the context of that agreement, is an individual who seeks or acquires, including by lease, any goods or services primarily for personal, family, or household purposes including, but not limited to, financial services, healthcare services, or real property. "Consumer" shall not include a business.

"Consumer arbitration" means arbitration pursuant to a standardized contract, written by one party, with a provision requiring that disputes arising after the contract's signing shall be submitted to binding arbitration, and the party not writing the contract is a consumer. "Consumer arbitration" shall not include an arbitration conducted or administered by a self-regulatory organization as defined by the "Securities Exchange Act of 1934" (15 U.S.C. s.78c), the "Commodity Exchange Act" (7 U.S.C. s.1 et seq.), or regulations adopted under those acts.

"Financial interest" means:

(1) holding a position in a business as officer, director, trustee, or partner, or holding any position in management of the business, except that any position-holder in a non-profit organization who is not compensated for holding that position shall not be considered to have a financial interest in the organization; or

(2) ownership of more than a five percent interest in a business.

"Indigent consumer" means a consumer having a gross monthly income that is less than 300 percent of the federal poverty guidelines issued annually by the United States Department of Health and Human Services.

L.2019, c.493, s.1.