CONFESSION OF JUDGMENT.

SEC. 604. CONFESSION OF JUDGMENT. Section 428(b)(1) of the Act is further amended— (1) in subparagraph (V), by striking “and” at the end thereof; (2) in subparagraph (W), by striking the period at the end thereof and inserting a semicolon and “and”; and (3) by adding at the end thereof the following new subparagraph: “(X) provides that the lender shall obtain, as part of the note or written agreement evidencing the loan, the borrower’s authorization for entry of judgment against the borrower in the event of default.”.