(a) A retail installment contract may not:
(1) provide for a waiver of the retail buyer’s rights of action against the holder or a person acting on the holder’s behalf for an illegal act committed in:
(A) the collection of payments under the contract; or
(B) the repossession of the motor vehicle; or
(2) provide that the retail buyer agrees not to assert against the holder a claim or defense arising out of the sale.
(b) An act or agreement of the retail buyer before or at the time of the making of a retail installment contract or a purchase under the contract does not waive any provision of this chapter.