(1)    Chapters 421 to 427 shall be liberally construed and applied to promote their underlying purposes and policies.

   (2)   The underlying purposes and policies of chs. 421 to 427 are:

      (a)    To simplify, clarify and modernize the law governing consumer transactions;

      (b)    To protect customers against unfair, deceptive, false, misleading and unconscionable practices by merchants;

      (c)    To permit and encourage the development of fair and economically sound consumer practices in consumer transactions; and

      (d)    To coordinate the regulation of consumer credit transactions with the policies of the federal consumer credit protection act.

   (3)   A reference to a provision of chs. 421 to 427 includes reference to a related rule or order of the administrator adopted under chs. 421 to 427.