(1) This title shall be liberally construed and applied to promote its underlying purposes and policies.
(2) The underlying purposes and policies of this title are:
(a) to simplify, clarify and modernize the law governing retail installment sales, consumer credit 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 title includes reference to a related rule of the administrator adopted pursuant to this title.
HISTORY: 1962 Code Section 8-800.102; 1974 (58) 2879; 1980 Act No. 326, Section 1A.