The purpose of this chapter is to promote the public welfare by regulating credit life insurance, credit health insurance, credit unemployment insurance, and credit property including group personal property coverages authorized through credit cards. Nothing in this chapter is intended to prohibit or discourage reasonable competition. The provisions of this chapter shall be liberally construed.

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Source: SL 1966, ch 111, ch 27, § 1; SL 1987, ch 380, § 9; SL 2001, ch 281, § 1.