What does 'UDAP' mean? And how can it help me protect myself from financial predators?
'UDAP' is lawyer slang for Unfair Deceptive Acts and Practices. It references the laws in each individual State enacted to protect its citizens.
In New Jersey, for example, there are many UDAP statutes the most utilized is the New Jersey Consumer Fraud Act.
Lawyers use the acronym UDAP because while there is no official 'uniform' statute or code, like the Uniform Commercial Code (UCC), each state has its own variant of the New Jersey Consumer Fraud Act.
And nearly every - or maybe every - State has its version of the Retail Installment Sales Act which usually, as in New Jersey, provides additional protections for consumer goods purchased through a finance agreement ... meaning not through a cash purchase but financed through a loan agreement.
And that is what UDAP means. Hope that helped.
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