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

Colorado § 5-1-102

• Jurisdiction: Colorado
• Title 05: Consumer
• Art.: General Provisions and Definitions

Text

(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.