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Definition of 'UDAAP'

UDAAP stands for Unfair, Deceptive, or Abusive Acts or Practices. It is a federal law that protects consumers from unfair, deceptive, or abusive acts or practices in the financial industry. The law was enacted in 1974 and is enforced by the Consumer Financial Protection Bureau (CFPB).

The UDAAP law prohibits a wide range of practices, including:

* Making false or misleading statements about a product or service.
* Charging excessive fees or interest rates.
* Harassing or intimidating consumers.
* Using deceptive marketing practices.

The UDAAP law also gives consumers the right to sue companies that violate the law. If a consumer wins a lawsuit, they may be awarded damages, restitution, and attorney's fees.

The UDAAP law is an important consumer protection law that helps to ensure that consumers are treated fairly by the financial industry. If you believe that you have been the victim of an unfair, deceptive, or abusive act or practice by a financial institution, you should file a complaint with the CFPB.

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