North Dakota Code 51-13-02.1 – Retail installment contracts – Prohibited provisions
No contract may contain any provision by which:
Terms Used In North Dakota Code 51-13-02.1
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action, and evidences of debt. See North Dakota Code 1-01-49
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
1. In the absence of the buyer’s default, the holder may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the time balance owing thereunder.
2. A power of attorney is given to confess judgment in this state, or an assignment of wages is given.
3. The buyer waives any claim for relief against the seller or holder of the contract, or other person acting on the seller’s or holder’s behalf, for any illegal act committed in the collection of payments under the contract or in the repossession of the personal property.
4. The buyer executes a power of attorney appointing the seller or holder of the contract, or other person acting on the seller’s or holder’s behalf, as the buyer’s agent in collection of payments under the contract or in the repossession of the personal property.
5. The buyer relieves the seller from liability for any legal remedies which the buyer may have against the seller under the contract or any separate instrument executed in connection therewith.
6. The buyer may subsequently include the title to or a lien upon any goods, other than the personal property which is the subject matter of the retail installment sale and any accessories or special or auxiliary equipment used in connection therewith, or in substitution, in whole or in part, for any thereof, as security for payment of the deferred payment price.