(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.
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