1. Confessions of judgment prohibition (a) In general During the covered period, in connection with an extension of covered credit or the creation of a covered debt in or affecting commerce (including any advance of funds or sale or assignment of future income or receivables that may or may not be credit), no person may directly or indirectly take or receive from another person, or seek to enforce, an obligation that constitutes or contains a cognovit or confession of judgment (for purposes other than executory process in the State of Louisiana), warrant of attorney, or other waiver of the right to notice and the opportunity to be heard in the event of suit or process thereon. (b) Enforcement Any person who fails to comply with the requirements of this section with respect to any obligation owed by a covered borrower shall— (1) be held liable under section 813 of the Fair Debt Collection Practices Act ( 15 U.S.C. 1692k ) where— (A) the covered borrower is deemed to be a consumer , as defined in section 803 of such Act; and (B) the person is deemed to be a debt collector , as defined in such section; and (2) be liable to the covered borrower in an amount equal to 10 times the maximum amount of damages allowed under section 813 of such Act for each violation of the requirements of this section. (c) Consideration At the end of the covered period, a person to whom an obligation described in subsection (a) is owed shall take into consideration the financial situation of the covered borrower that owes such obligation for the repayment of such obligation. (d) Definitions In this section: (1) Commerce The term commerce has the meaning given in section 4 of the Federal Trade Commission Act ( 15 U.S.C. 44 ). (2) Covered borrower The term covered borrower means a person that— (A) receives credit or an advance of funds