1. (a) No person shall engage in unfair methods of competition and unfair or deceptive acts or practices in the conduct of any trade or commerce.
2. (b) It is the intent of the legislature that in construing subsection (a) of this section, the commissioner and the courts of this state shall be guided by interpretations given by the Federal Trade Commission and the federal courts to Section 5(a)(1) of the Federal Trade Commission Act (15 USC 45(a)(1)), as from time to time amended.
3. (c) The commissioner may, in accordance with chapter 54, establish by regulation acts, practices or methods which shall be deemed to be unfair or deceptive in violation of subsection (a) of this section. Such regulations shall not be inconsistent with the rules, regulations and decisions of the federal trade commission and the federal courts in interpreting the provisions of the Federal Trade Commission Act.
4. (d) It is the intention of the legislature that this chapter be remedial and be so construed.

(P.A. 73-615, S. 2, 16; P.A. 75-618, S. 1, 11; P.A. 76-303, S. 1, 4.)

History; P.A. 75-618 rephrased provisions for clarity and consistency; P.A. 76-303 deleted provision in Subsec. (a) which established unfair or deceptive acts and methods of competition as those in rules, regulations or decisions interpreting Federal Trade Commission Act by Federal Trade Commission or federal courts and in regulations of commissioner and state courts, inserting new Subsec. (b) in its stead, relettered former Subsec. (b) and added Subsec. (d).