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(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 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;
(b) to prohibit certain unfair practices; and
(c) to avoid the duplication of laws and regulations pertaining to consumer credit between state and federal authorities and to supplement applicable federal laws and regulations.