Purposes: Rules of Construction

(1)This Title shall be liberally construed and applied to promote the 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 further consumer understanding of the terms of credit transactions and to promote competition among suppliers of consumer credit;

(c)to protect consumer buyers, lessees and borrowers against unfair practices by some suppliers of consumer credit, having due COL070307 CH. 1 GENERAL PROVISIONS AND DEFINITIONS regard for the interests of legitimate and scrupulous creditors;

(d)to permit and encourage the development of fair and economically sound consumer credit practices; and

(e)to make uniform the law among the various jurisdictions.