28-41-102 PURPOSES -- RULES OF CONSTRUCTION.
COMMERCIAL TRANSACTIONS
CHAPTER 41
GENERAL PROVISIONS AND DEFINITIONS
PART 1.
SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS
28-41-102. Purposes -- Rules of construction. (1) This act shall be liberally construed and applied to promote its underlying purposes and policies.
(2) The underlying purposes and policies of this act are:
(a) To simplify, clarify and modernize the law governing installment sales, credit, loans and usury;
(b) To further understanding of the terms of credit transactions and to foster competition among suppliers of credit so that debtors may obtain credit at reasonable cost;
(c) To protect debtors against unfair practices by some suppliers of credit, having due regard for the interests of legitimate and scrupulous creditors;
(d) To permit and encourage the development of fair and economically sound credit practices; and
(e) To conform the regulation of those credit transactions to the policies of the Federal Consumer Credit Protection Act, where applicable.
(3) A reference to a requirement imposed by this act includes reference to a related rule of the administrator adopted pursuant to this act.