(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 further consumer understanding of the terms of credit transactions and to promote competition among suppliers of consumer credit;
(c) to protect consumer buyers, lessees and borrowers against unfair practices by some suppliers of consumer credit, having due

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CH. 1 GENERAL PROVISIONS AND DEFINITIONS

regard for the interests of legitimate and scrupulous creditors;

(d) to permit and encourage the development of fair and economically sound consumer credit practices; and

(e) to make uniform the law among the various jurisdictions.