§ 19-14.1-1 - Confessions of judgment – Incomplete instruments prohibited. - Rhode Island Statutes

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 ofattorney, except a power of attorney or power of sale authorizing the lender orloan broker in case of default in payment of interest or principal, to enforcethe provisions of any chattel mortgage or pledge. No lender or loan brokershall take any note, promise to pay, or security that does not accuratelydisclose the actual amount of the loan, the time for which it is made, and theagreed rate of interest nor any instrument in which blanks are left to befilled in after execution. The provisions of this section related toconfessions of judgment and power of attorney shall not apply to real estatesecured loans.