Section 408.365

Title XXVI TRADE AND COMMERCE

Chapter 408

Effective - 28 Aug 1975   

  408.365.  Acceleration clauses, repossession or confession of judgment by power of attorney, right of entry to repossess and waiver of damages from repossession provisions, prohibited. — 1.  No retail time contract shall contain any provision by which in the absence of the buyer's default in the performance of any of his obligations, the seller or holder may arbitrarily and without reasonable cause accelerate the maturity of any part or all of the amount owing thereunder.

  2.  No retail time contract or retail charge agreement shall contain any provision by which:

  (1)  A power of attorney is given to confess judgment, or an assignment of wages is given;

  (2)  The seller or holder of the contract or other person acting on his behalf is given authority to enter upon the buyer's premises unlawfully or to commit any breach of the peace in the repossession of goods;

  (3)  The buyer waives any right of action against the seller or holder of the contract or other person acting on his behalf, as the buyer's agent in the collection of payments under the contract or in the repossession of goods; or

  (4)  The buyer executes a power of attorney appointing the seller or holder of the contract, or other person acting on his behalf, as the buyer's agent in collection of payments under the contract or in the repossession of goods.

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(L. 1975 S.B. 71)