Sec. 353.407. PROHIBITION ON POWER OF ATTORNEY TO CONFESS JUDGMENT OR ASSIGNMENT OF WAGES. A retail installment contract may not contain:
(1) a power of attorney to confess judgment in this state; or
(2) an assignment of wages.
Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 17, eff. September 1, 2011.
Structure Texas Statutes
Title 4 - Regulation of Interest, Loans, and Financed Transactions
Subtitle B - Loans and Financed Transactions
Chapter 353 - Commercial Motor Vehicle Installment Sales
Subchapter E. Holder's Rights, Duties, and Limitations
Section 353.401. Seller's Promise to Pay or Tender of Cash to Buyer as Part of Transaction
Section 353.402. Seller's Action for Incentive Program or to Pay for Buyer's Motor Vehicle
Section 353.403. Statement of Payments and Amount Due Under Contract
Section 353.404. Receipt for Cash Payment
Section 353.405. Outstanding Balance Information; Payment in Full
Section 353.406. Liability Relating to Outstanding Balance Information
Section 353.407. Prohibition on Power of Attorney to Confess Judgment or Assignment of Wages
Section 353.408. Prohibition on Certain Acts of Repossession