(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.
Source: L. 2000: Entire article R&RE, p. 1178, � 1, effective July 1.
Editor's note: This section is similar to former � 5-1-102, as it existed prior to 2000.
Cross references: For the definitions and federal statutory cites of the Truth in Lending Act and the Consumer Leasing Act, see � 5-1-302.