UDAAP definition

UDAAP means unfair, deceptive, or abusive acts or practices.

UDAAP means Unfair, Deceptive or Abusive Acts Practices, Section 5 of the Federal Trade Commission Act (FTC Act), 15 USC 45(a)(1) (UDAP), prohibits “unfair or deceptive acts or practices in or affecting commerce.” The Xxxx-Xxxxx Act, makes it unlawful to engage in any unfair, deceptive or abusive act or practice (UDAAP), and gives the CFPB UDAAP rulemaking and enforcement authority. All Brokers must comply with UDAAP.

UDAAP means Sections 1031 and 1036 of the Xxxx Xxxxx Wall Street Reform and Consumer Protection Act, 12 USC § 5536, and implementing regulations issued pursuant thereto, and Federal Reserve Regulation AA, which prohibit unfair, deceptive or abusive acts or practices.

Examples of UDAAP in a sentence

• Each Solar Alberta Member shall regularly examine and consider the possibility of UDAAP violations in all aspects of its business that touch on Consumers or their interests, including but not limited to marketing, sales, origination, contract terms, contract options, disclosure requirements, installation, servicing and loss mitigation.

• The Code must be followed with an understanding that UDAAP rules also apply to each provision below.

• Each Solar Alberta Member shall regularly remind and train each employee, from sales to senior management, to always consider Consumer interests and to avoid UDAAP violations.

• Although the Bureau’s current proposed rules11 consider ability to pay and the Bureau notes in its supervisory manual that failure to consider ability to repay may trigger UDAAP concerns, existing guidance does not suggest that the output from predictive underwriting models is a relevant factor for UDAAP purposes.

• As a guiding principle, each Solar Alberta Member shall conduct all aspects of its business that touch on Consumers or vendors or their interests without any UDAAP.

• Dependent variables matter and are highly relevant for UDAAP purposes.To illustrate, consider a lender who makes high-interest, unsecured loans from $1,000 to $10,000 for a term of 2-5 years.

More Definitions of UDAAP

UDAAP means acts or practices which are unfair, deceptive or abusive as provided under Applicable Law.

UDAAP means Sections 1031 and 1036 of the Dodd Frank Wall Street Reform and Consumer Protection Act, 12 USC § 5536, and implementing regulations issued pursuant thereto, and Federal Reserve Regulation AA, which prohibit unfair, deceptive or abusive acts or practices.

UDAAP shall have the meaning set forth in Section 4.02(a)(xix).

UDAAP has the meaning set forth in Section 2.11(e)(i).

UDAAP has the meaning set forth in Section 3.11(c)(i).