TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 41

GENERAL PROVISIONS AND DEFINITIONS

PART 1.

SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS

28-41-102.  Purposes — Rules of construction. (1) This act shall be liberally construed and applied to promote its underlying purposes and policies.

(2)  The underlying purposes and policies of this act are:

(a)  To simplify, clarify and modernize the law governing installment sales, credit, loans and usury;

(b)  To further understanding of the terms of credit transactions and to foster competition among suppliers of credit so that debtors may obtain credit at reasonable cost;

(c)  To protect debtors against unfair practices by some suppliers of credit, having due regard for the interests of legitimate and scrupulous creditors;

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

(e)  To conform the regulation of those credit transactions to the policies of the Federal Consumer Credit Protection Act, where applicable.

(3)  A reference to a requirement imposed by this act includes reference to a related rule of the administrator adopted pursuant to this act.

History:

[28-41-102, added 1983, ch. 119, sec. 3, p. 265.]