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Section 28-41-102 - PURPOSES — RULES OF CONSTRUCTION.

ID Code § 28-41-102 (2019) (N/A)
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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.]

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