Section 5-1-102 - Purposes - rules of construction(1) This code shall be liberally construed and applied to promote its underlying purposes and policies.(2) The underlying purposes and policies of this code 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 "Truth in Lending Act" and the federal "Consumer Leasing Act"; and(g) To make uniform the law, including administrative rules, among the various jurisdictions.(3) A reference to a requirement imposed by this code includes reference to a related rule of the administrator adopted pursuant to this code.L. 2000: Entire article R&RE, p. 1178, § 1, effective July 1.This section is similar to former § 5-1-102, as it existed prior to 2000.
For the definitions and federal statutory cites of the "Truth in Lending Act" and the "Consumer Leasing Act", see § 5-1-302.