Sec. 102. Obligor transactions
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/bill/117/hr/2547/ih/section-102·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 or creation of debt in or affecting commerce, as defined in section 4 of the Federal Trade Commission Act ( 15 U.S.C. 44 ), including any advance of funds or sale or assignment of future income or receivables that may or may not be credit, no person may directly or indirectly take or receive from another person 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.
The exemption in section 104(1) shall not apply to this section. . Section 130(a) of the Truth in Lending Act ( 15 U.S.C. 1640 ) is amended by striking creditor each place the term appears and inserting person . The table of sections in chapter 2 of the Truth in Lending Act ( 15 U.S.C. 1631 et seq.) is amended by adding at the end the following: 140B. Unfair credit practices. .
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