(1) Except as provided in subsection (2), 30-14-1103 applies to any agreement in connection with a consumer contract entered into in this state between a consumer who is a resident of this state at the time of the transaction and a seller, lessor, or lender.
(2) Section 30-14-1103 does not apply to:
(a) consumer contracts in which the value of the money, property, or services bought, leased, or borrowed exceeds $50,000 at the time of the contract;
(b) consumer contracts in which securities or commodities accounts are bought, leased, or borrowed;
(c) an insurance policy or contract that is subject to the provisions of Title 33;
(d) a seller, lessor, or lender, if it is a government agency or instrumentality;
(e) the provision of public utility service under tariffs approved by the public service commission; or
(f) a transfer of real estate.
(3) The use of specific language expressly required or authorized by a court decision, state or federal statute or administrative rule, or governmental agency is not a violation of this part; nor is a legal description of real property a violation of this part.