§ 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.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-14.1 - Lenders and Loan Brokers
Section 19-14.1-1. - Confessions of judgment — Incomplete instruments prohibited.
Section 19-14.1-2. - Maximum rate of interest.
Section 19-14.1-3. - Unemployment insurance defined.
Section 19-14.1-4. - Documents delivered to borrower — Advance payments — Release of security.
Section 19-14.1-5. - Instrument evidencing loan, contents.
Section 19-14.1-6. - Assignment of earnings.
Section 19-14.1-7. - Assignment of wages simultaneous with loan — Liens on furniture.
Section 19-14.1-8. - Escrow accounts.
Section 19-14.1-9. - Penalties.
Section 19-14.1-10. - Special exemptions.