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All the example forms for E-sign that I have seen state that they pertain only to the one time transaction. We are trying to use these for our appraisal deliveries and we have many repeat customers for rental property loans. Are we able to get one consent that would pertain to all loans or do we have to get a new agreement each time? If we can use the same one, is there any sample language for that?
I don’t think there is a problem with obtaining consent once as long as your disclosure is clear as to what it applies to and your system is equipped to retain the information. Also, you should tell the customer how they can withdraw consent and future disclosures should comply with the format of your demonstrable consent – if you change the hard/software needed to access or retain the documents then you need to need to meet certain re-disclosure requirements. Also consider that customers might not like this – they might prefer to have the option of paper or electronic.
Here’s a link to the E-SIGN Act disclosure requirements (7001(c)): https://www.bankersonline.com/regs/esign/esign.html
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