TITLE 19
Financial institutions
CHAPTER 19-14.1
Lenders and Loan Brokers
SECTION 19-14.1-1
§ 19-14.1-1 Confessions of judgment
Incomplete instruments prohibited.
No lender or loan broker shall take any confession of judgment, or any power of
attorney, except a power of attorney or power of sale authorizing the lender or
loan broker in case of default in payment of interest or principal, to enforce
the provisions of any chattel mortgage or pledge. No lender or loan broker
shall take any note, promise to pay, or security that does not accurately
disclose the actual amount of the loan, the time for which it is made, and the
agreed rate of interest nor any instrument in which blanks are left to be
filled in after execution. The provisions of this section related to
confessions of judgment and power of attorney shall not apply to real estate
secured loans.
History of Section.
(P.L. 1995, ch. 82, § 53.)