Section 1-102 - Purposes; rules of construction1. This Act shall be liberally construed and applied to promote its underlying purposes and policies. [1973, c. 762, §1(NEW).]
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; [1973, c. 762, §1(NEW).]B. To provide rate ceilings to assure an adequate supply of credit to consumers; [1973, c. 762, §1(NEW).]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; [1973, c. 762, §1(NEW).]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; [1973, c. 762, §1(NEW).]E. To permit and encourage the development of fair and economically sound consumer credit practices; and [1973, c. 762, §1(NEW).]F. To conform the regulation of consumer credit transactions to the policies of the Federal Truth in Lending Act. [1973, c. 762, §1(NEW).] [1973, c. 762, §1(NEW).]
3. A reference to a requirement imposed by this Act includes reference to a related rule of the administrator adopted pursuant to this Act. [1973, c. 762, §1(NEW).]
1973, c. 762, § 1 (NEW) .