§ 37-1-102 — Purposes; rules of construction.

(1) This title shall be liberally construed and applied to promote its underlying purposes and policies. (2) The underlying purposes and policies of this title are: (a) to simplify, clarify and modernize the law governing retail installment sales, consumer credit 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 Consumer Credit Protection Act; and (g) to make uniform the law, including administrative rules, among the various jurisdictions. (3) A reference to a requirement imposed by this title includes reference to a related rule of the administrator adopted pursuant to this title.

Legislative History

HISTORY: 1962 Code SECTION 8-800.102; 1974 (58) 2879; 1980 Act No. 326, SECTION 1A.