16-118.   Same; requirements; failure tocomply.(a) A debtor or a creditor may not maintain an action for legal or equitablerelief or a defense, based in either case upon a failure to perform onan allegedcredit agreement,unless the material terms and conditions of the agreement are inwriting and signed by the creditor and thedebtor.

      (b)   All credit agreements shall contain a clear, conspicuous andprinted notice to the debtor that states that the written credit agreement is afinal expression of the credit agreement between the creditor anddebtor and such written credit agreement may not be contradicted byevidence of any prior oral credit agreement or of a contemporaneousoral credit agreement between the creditor anddebtor. A written credit agreement shall contain a sufficient space for theplacement of nonstandard terms, including the reduction to writing of aprevious oral credit agreement and an affirmation, signed or initialedby the debtor and the creditor, that no unwritten oral credit agreementbetween the parties exists.

      (c)   Failure to comply with provisions of subsections (a) and (b) shallpreclude an action or defense based on any of the following legal or equitabletheories: (1) An implied agreement based on course of dealing or performance oron a fiduciary relationship; (2) promissory or equitable estoppel; (3) partperformance; or (4) negligent representation.

      History:   L. 1988, ch. 55, § 2;L. 1989, ch. 70, § 2;L. 1998, ch. 56, § 2; July 1.