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.
Acceleration clauses, repossession or confession of judgment by powerof attorney, right of entry to repossess and waiver of damages fromrepossession provisions, prohibited.
408.365. 1. No retail time contract shall contain anyprovision by which in the absence of the buyer's default in theperformance of any of his obligations, the seller or holder mayarbitrarily and without reasonable cause accelerate the maturityof any part or all of the amount owing thereunder.
2. No retail time contract or retail charge agreement shallcontain any provision by which:
(1) A power of attorney is given to confess judgment, or anassignment of wages is given;
(2) The seller or holder of the contract or other personacting on his behalf is given authority to enter upon the buyer'spremises unlawfully or to commit any breach of the peace in therepossession of goods;
(3) The buyer waives any right of action against the selleror holder of the contract or other person acting on his behalf,as the buyer's agent in the collection of payments under thecontract or in the repossession of goods; or
(4) The buyer executes a power of attorney appointing theseller or holder of the contract, or other person acting on hisbehalf, as the buyer's agent in collection of payments under thecontract or in the repossession of goods.
(L. 1975 S.B. 71)