Commercial Law – General Regulatory Provisions

Truth in Lending and Retail Selling

SECTION 6-27-2

§ 6-27-2. Declaration of purpose.

The general assembly finds that economic stabilization would be enhanced and that competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost of credit by consumers. It is the purpose of this chapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him or her and thus avoid the uninformed use of credit.

History of Section.
(P.L. 1968, ch. 147, § 1; P.L. 1970, ch. 223, § 1.)