Sec. 2. Credit transactions

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Chapter 2 of the Truth in Lending Act ( 15 U.S.C. 1631 et seq.) is amended by adding at the end the following: In connection with the extension of credit in or affecting commerce, as defined in section 4 of the Federal Trade Commission Act ( 15 U.S.C. 44 ), no creditor may directly or indirectly take or receive from a borrower an obligation that constitutes or contains a cognovit or confession of judgment (for purposes other than executory process in the State of Louisiana), warrant of attorney, or other waiver of the right to notice and the opportunity to be heard in the event of suit or process thereon. .

Section 135 of the Truth in Lending Act ( 15 U.S.C. 1645 ) is amended by striking and 134 and inserting 134, and 140B .

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U.S. Code

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Sec. 2

Credit transactions

U.S.C.§ 1631

U.S.C.§ 44

U.S.C.§ 1645

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