Certain provisions in written agreement as void and unenforceable.

Sec. 8. Any of the following provisions contained in a written document made in connection with an extension of credit to an individual for personal, family, or household purposes are void and unenforceable: A power of attorney to confess a judgment. Unless otherwise expressly provided for by law, a waiver of a borrower's or buyer's rights under this act. Except as authorized by this act, an agreement by a borrower or buyer to pay a penalty. Late payment and prepayment charges are not penalties. History: 1995, Act 162, Eff. Mar. 28, 1996