§ 19-14.2-5. Instrument evidencing loan, contents.
No loan document shall contain:
(1) Any acceleration clause under which any part or all of the unpaid balance of the obligation not yet matured may be declared due and payable because the holder deems himself or herself to be insecure;
(2) Any power of attorney to confess judgment or any other power of attorney;
(3) Any provision whereby the debtor waives any rights accruing to him or her under the provisions of this title or any other law expressly prohibiting this waiver;
(4) Any requirement that more than one installment be payable in any one installment period; or
(5) Any assignment of or order for the payment of any salary, wages, commission, or other compensation for services, or any part of these, earned or to be earned.
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.