Section 493.73 - Instrument evidencing or securing secondary mortgage; contentsAn instrument evidencing or securing a secondary mortgage loan shall not contain any of the following:
(a) A power of attorney to confess judgment.(b) A provision by which the debtor waives rights accruing under this act, any federal law, or law of this state.(c) An assignment of or order for the payment of all or part of salary, wages, commissions, or other compensation for services earned or to be earned.(d) A provision to compel, encourage, or induce a borrower to incorporate to evade the provisions of this act.(e) A provision by which a debtor agrees to pay damages absent a judgment by a court.1981, Act 125, Imd. Eff. 7/23/1981 ;--Am. 1997, Act 91, Imd. Eff. 8/1/1997 .