§ 5-1-102 — Purposes - rules of construction

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

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

(a) To simplify, clarify, and modernize the law governing retail installment
sales, consumer credit, small loans, and usury;

(b) To provide rate ceilings to assure an adequate supply of credit to
consumers;

(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;

(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;

(e) To permit and encourage the development of fair and economically sound
consumer credit practices;

(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

(g) To make uniform the law, including administrative rules, among the
various jurisdictions.

(3) A reference to a requirement imposed by this code includes reference to
a related rule of the administrator adopted pursuant to this code.

Legislative History

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