Financial Institutions

CHAPTER 19-14.2
Small Loan Lenders

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 of attorney, except a power of attorney or power of sale authorizing the small loan lender in case of default in payment of interest or principal, to enforce the provisions of any chattel mortgage or pledge. No small loan lender shall take any note, promise to pay, or security that does not accurately disclose the actual amount of the loan, the time for which it is made, and the agreed rate of interest nor any instrument in which blanks are left to be filled in after execution.

History of Section.
(P.L. 1995, ch. 82, § 54.)