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Tagged: E-sign Consent
- This topic has 1 reply, 2 voices, and was last updated 1 month, 1 week ago by Kimberly Boatwright, CAMS, CRCM.
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August 29, 2024 at 12:35 pm EDT #344793Mary Beth DevillierParticipant
As a loan compliance officer, I was asked to see if the bank could start sending our loan payment, past due, rate change, etc. notices electronically upon request. I’ve verified through my core system which notices are available for eDelivery and that they must be signed up for on-line banking. I’m trying to research to make sure in order to do this, that the consent through on-line banking to receive notices sufficient verification for the e-Sign Act.
September 3, 2024 at 10:42 am EDT #344817Kimberly Boatwright, CAMS, CRCMKeymasterThe E-Sign Act allows the use of electronic records to satisfy any statute, regulation, or rule of law requiring that such information be provided in writing, if the consumer has affirmatively consented to such use and has not withdrawn such consent. To ensure your institution is compliant you will need to have a process in place that includes the following elements:
Intent to sign, Consent to do business electronically, Opt-out clause, Signed copies, and proper Record retention. More details can be found in each regulators compliance handbook but here are few links to resources:
1. https://www.consumercomplianceoutlook.org/2009/fourth-quarter/q4_02/
2. https://www.fdic.gov/system/files/2024-06/x-3-1.pdf
3. https://www.consumerfinance.gov/rules-policy/regulations/1024/3/
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