Guam § 1102 - Purposes: Rules of Construction.

§ 1102. Purposes: Rules of Construction.

(1) This Title shall be liberally construed and applied to promote the

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 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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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.