§ 19-14.2-5 - Instrument evidencing loan, contents. - Rhode Island Statutes

SECTION 19-14.2-5

   § 19-14.2-5  Instrument evidencing loan,contents. – No loan document shall contain:

   (1) Any acceleration clause under which any part or all ofthe unpaid balance of the obligation not yet matured may be declared due andpayable because the holder deems himself or herself to be insecure;

   (2) Any power of attorney to confess judgment or any otherpower of attorney;

   (3) Any provision whereby the debtor waives any rightsaccruing to him or her under the provisions of this title or any other lawexpressly prohibiting this waiver;

   (4) Any requirement that more than one installment be payablein 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.