§ 19-14.1-5 - Instrument evidencing loan, contents. - Rhode-island Statutes

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Statutes > Rhode-island > Title-19 > Chapter-19-14-1 > 19-14-1-5

SECTION 19-14.1-5

§ 19-14.1-5 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 except a statutory power of sale;

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

(4) Except for a change in the payment schedule as a resultof the borrower's default or delinquency, or pursuant to an agreement involvinga court proceeding, 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 thereof,earned or to be earned.

State Codes and Statutes

Statutes > Rhode-island > Title-19 > Chapter-19-14-1 > 19-14-1-5

SECTION 19-14.1-5

§ 19-14.1-5 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 except a statutory power of sale;

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

(4) Except for a change in the payment schedule as a resultof the borrower's default or delinquency, or pursuant to an agreement involvinga court proceeding, 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 thereof,earned or to be earned.

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State Codes and Statutes

Statutes > Rhode-island > Title-19 > Chapter-19-14-1 > 19-14-1-5

SECTION 19-14.1-5

§ 19-14.1-5 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 except a statutory power of sale;

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

(4) Except for a change in the payment schedule as a resultof the borrower's default or delinquency, or pursuant to an agreement involvinga court proceeding, 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 thereof,earned or to be earned.