§ 40-14-102 — Purposes; rules of construction

(a) This act shall be liberally construed and applied to
promote its underlying purposes and policies.
(b) The underlying purposes and policies of this act are:
(i) To simplify, clarify and modernize the law
governing retail installment sales, consumer credit, small loans
and usury;
(ii) To provide rate ceilings to assure an adequate
supply of credit to consumers;
(iii) 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;
(iv) 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;
(v) To permit and encourage the development of fair
and economically sound consumer credit practices;
(vi) To conform the regulation of consumer credit
transactions to the policies of the federal Consumer Credit
Protection Act; and
(vii) To make uniform the law, including
administrative rules, among the various jurisdictions.
(c) A reference to a requirement imposed by this act
includes reference to a related rule of the administrator
adopted pursuant to this act.