(1) This Title shall be liberally construed and applied to promote the underlying purposes and policies. (2) The underlying purposes and policies of this Act are: (a) to simplify, clarify and modernize the law governing retail installment sales, consumer credit, small loans and usury; (b) to further consumer understanding of the terms of credit transactions and to promote competition among suppliers of consumer credit; (c) to protect consumer buyers, lessees and borrowers against unfair practices by some suppliers of consumer credit, having due
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regard for the interests of legitimate and scrupulous creditors; (d) to permit and encourage the development of fair and economically sound consumer credit practices; and (e) to make uniform the law among the various jurisdictions.