Purposes - Rules of construction.

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(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 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 Consumer Credit Protection Act; and
  • (g)to make uniform the law including administrative rules among the various jurisdictions.

(3) A reference to a requirement imposed by this act includes reference to a related rule of the Administrator adopted pursuant to this act.

Added by Laws 1969, c. 352, § 1-102, eff. July 1, 1969.


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