§ 19-14.2-2 - Confessions of judgment – Incomplete instruments prohibited. - Rhode Island Statutes

SECTION 19-14.2-2

   § 19-14.2-2  Confessions of judgment –Incomplete instruments prohibited. – No small loan lender shall take any confession of judgment, or any power ofattorney, except a power of attorney or power of sale authorizing the smallloan lender in case of default in payment of interest or principal, to enforcethe provisions of any chattel mortgage or pledge. No small loan lender shalltake any note, promise to pay, or security that does not accurately disclosethe actual amount of the loan, the time for which it is made, and the agreedrate of interest nor any instrument in which blanks are left to be filled inafter execution.