Texas Finance Code

§ 353.407 — PROHIBITION ON POWER OF ATTORNEY TO CONFESS JUDGMENT OR ASSIGNMENT OF WAGES

FI § 353.407Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 353. COMMERCIAL MOTOR VEHICLE INSTALLMENT SALES · Art. E. HOLDER'S RIGHTS, DUTIES, AND LIMITATIONS

Statute text

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A retail installment contract may not contain:

(1)a power of attorney to confess judgment in this state; or

(2)an assignment of wages.

Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 17, eff. September 1, 2011.