§ 19-14.2-2. Confessions of judgment — Incomplete instruments prohibited.
No small loan lender shall take any confession of judgment, or any power of attorney, except a power of attorney or power of sale authorizing the small loan lender in case of default in payment of interest or principal, to enforce the provisions of any chattel mortgage or pledge. No small loan lender 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.
History of Section.P.L. 1995, ch. 82, § 54.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-14.2 - Small Loan Lenders
Section 19-14.2-1. - Maximum rate on small loans not authorized by chapter.
Section 19-14.2-2. - Confessions of judgment — Incomplete instruments prohibited.
Section 19-14.2-3. - Unemployment insurance defined.
Section 19-14.2-4. - Documents delivered to borrower — Advance payments — Release of security.
Section 19-14.2-5. - Instrument evidencing loan, contents.
Section 19-14.2-6. - Assignment of earnings.
Section 19-14.2-7. - Assignment of wages simultaneous with loan — Liens on furniture.
Section 19-14.2-8. - Maximum loan and interest rate.
Section 19-14.2-9. - Split loans.
Section 19-14.2-10. - Computation of interest.
Section 19-14.2-11. - Maximum term of small loans.
Section 19-14.2-12. - Small loans — No other charges — Exception.
Section 19-14.2-13. - Additional documents delivered to borrower.
Section 19-14.2-14. - Penalties.