Sec. 36a-677. (Formerly Sec. 36-393a). State policy.
Sec. 36a-677. (Formerly Sec. 36-393a). State policy. (a) It is the policy of this
state to promote increased competition among the various businesses engaged in the
extension of consumer credit or in the leasing of consumer goods and to serve the interests of consumers of credit and leased goods by requiring meaningful disclosure of
credit and lease terms so that prospective debtors and lessees have the opportunity to
compare more readily the various credit and lease terms available to them and the opportunity to avoid the uninformed use of credit and leases.
(b) It is also the policy of this state to provide that this state administer and enforce
the requirements for such disclosures of credit and lease terms for transactions in this
state.
(c) It is also the policy of this state to avoid duplication between the federal government and the government of this state in the administration and enforcement of statutes
which are designed to accomplish an identical purpose, and therefore to obtain an exemption from the Consumer Credit Protection Act by subjecting various classes of credit
and lease transactions in this state to requirements which are substantially similar to
those imposed under said federal act.
(P.A. 81-158, S. 2, 17; P.A. 82-18, S. 2, 4; 82-472, S. 114, 183.)
History: P.A. 82-18 changed effective date of P.A. 81-158 from March 31, 1982, to "the effective date of Title VI of
Public Law 96-221, as contained in Section 625(a) of Public Law 96-221, as amended", i.e. October 1, 1982; P.A. 82-472
made technical changes and corrections; Sec. 36-393a transferred to Sec. 36a-677 in 1995.
Annotation to former section 36-393a:
Subsec. (a):
Cited. 27 CA 628.