9-A M.R.S. §1-102: 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 retail installment sales, consumer credit, small loans and usury;

B. To provide rate ceilings to assure an adequate supply of credit to consumers;

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;

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;

E. To permit and encourage the development of fair and economically sound consumer credit practices; and

F. To conform the regulation of consumer credit transactions to the policies of the Federal Truth in Lending Act.

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