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