1. (1) This code shall be liberally construed and applied to promote its underlying purposes and policies.

2. (2) The underlying purposes and policies of this code are:

   1. (a) To simplify, clarify, and modernize the law governing retail installment sales, consumer credit, small loans, and usury;
   2. (b) To provide rate ceilings to assure an adequate supply of credit to consumers;
   3. (c) To further consumer understanding of the terms of credit transactions and to foster competition among suppliers of consumer credit so that consumers may obtain credit at reasonable cost;
   4. (d) To protect consumer buyers, lessees, and borrowers against unfair practices by some suppliers of consumer credit, having due regard for the interests of legitimate and scrupulous creditors;
   5. (e) To permit and encourage the development of fair and economically sound consumer credit practices;
   6. (f) To conform the regulation of consumer credit transactions to the policies of the federal Truth in Lending Act and the federal Consumer Leasing Act; and
   7. (g) To make uniform the law, including administrative rules, among the various jurisdictions.
3. (3) A reference to a requirement imposed by this code includes reference to a related rule of the administrator adopted pursuant to this code.

Source: L. 2000: Entire article R&RE, p. 1178, § 1, effective July 1.

Editor's note: This section is similar to former § 5-1-102, as it existed prior to 2000.

Cross references: For the definitions and federal statutory cites of the Truth in Lending Act and the Consumer Leasing Act, see § 5-1-302.