Section 56-15-30 - Unfair methods of competition and unfair or deceptive acts or practices declared unlawful(a) Unfair methods of competition and unfair or deceptive acts or practices as defined in Section 56-15-40 are hereby declared to be unlawful.(b) In construing paragraph (a) the courts may be guided by the definitions in the Federal Trade Commission Act ( 15 U.S.C. 45 ).1972 (57) 2419; 1962 Code Section 46-150.153.