Answer:
by Randy Carey:
It all depends on your E-Sign agreement.
Sec. 7001—General Rule of Validity
(c) Consumer disclosures
(1) Consent to electronic records
Notwithstanding subsection (a) of this section, if a statute, regulation, or other rule of law requires that information relating to a transaction or transactions in or affecting interstate or foreign commerce be provided or made available to a consumer in writing, the use of an electronic record to provide or make available (whichever is required) such information satisfies the requirement that such information be in writing if—
(B) the consumer, prior to consenting, is provided with a clear and conspicuous statement—
(ii) informing the consumer of whether the consent applies
(I) only to the particular transaction which gave rise to the obligation to provide the record, or
(II) to identified categories of records that may be provided or made available during the course of the parties’ relationship;
Answer:
by Richard Insley:
This question appears to be about your service agreements, not a federal law or regulation. Service agreements are contracts, so you should include your bank's legal counsel in this discussion. If the agreements are for consumer loans, then ESIGN will come into play if the agreement calls for your bank to deliver various loan documents in electronic form. ESIGN gives you a type of license--legal authority to substitute electronic documents for paper documents that will be used to transmit federal disclosures that must be "in writing." Whether or not you have a "perpetual license" depends on the wording of the ESIGN consent portion of your service agreements. Randy cites the part of ESIGN that gives you flexibility. Read your current agreements and then discuss any concerns with your legal counsel.
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