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More and more banks are implementing electronic delivery and realize how valuable this is during the pandemic. Other banks are considering it as preparation for the “next wave” that may quarantine customers and are also considering it for “low risk” documents like appraisal copies or e-statements. Electronic document delivery is fast and it can be effective, but only if E-SIGN requirements are observed. You can’t just turn it on, there are compliance requirements. When the bank has sound E-SIGN procedures it has more control over its e-document delivery and maintenance, more assurance that each party has seen them, and there is less risk to the bank, but only when done right!
Following sound E-SIGN procedures is essential and is not difficult. Done wrong, the bank could have more problems with uncollectable loans, lost collateral, nullification of deposit agreements, massive compliance violations stemming from undelivered disclosures, and more. The bank cannot just have an opt-in or check items off a list and assume it has met all its obligations. The bank must understand the implications of what it is doing and not blindly follow a checklist of steps.
E-SIGN procedures and compliance pillars should include presentation, acceptance and enforceability steps. These are three things the bank must be concerned with when writing E-SIGN procedures. These critical elements are necessary for an enforceable agreement and to avoid criticism from examiners.
What is “good enough” for the bank at the time electronic delivery is implemented may not be good enough for a court when the bank enforces an agreement or when examiners question the demonstrable consent process.
In this webinar we will look at--
- How mistakes with E-SIGN compliance could jeopardize the validity of your contract with your customer;
- The E-SIGN “hoops” that you must jump through, and for which customers;
- Five categories of risk relating to your E-SIGN process that you may not have considered;
- The differences between E-SIGN and the Uniform Electronic Transactions Act (UETA) and why this is important;
- Selected published court opinions on E-SIGN we can learn from;
- Common mistakes in E-SIGN compliance;
- Advantages of e-delivery of your documents and the use of Remote Online Notarization necessary to complete the e-process;
- Some best practices;
- And more!
Esign Sample - 1
Esign Sample - 2
Questions and Answers