Topic: Electronic Signatures in Global and National Commerce Act (ESIGN)
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Can we allow a customer to add an out-of-state person as an owner on their safe deposit box by having them sign a contract using electronic signature software?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA. Yes, both Illinois and federal law provide that a signature may not be denied legal…
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Are there any Illinois State laws regarding original check retention? Can we image a check and destroy the original as soon as we know we have a clear electronic image? I am not aware of any federal regulations requiring retention of an original check and I want to make sure Illinois law is the same.
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA. No, we are not aware of any required retention periods for original checks in…
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On our website we list the different types of accounts our bank offers. Can we put hyperlinks leading to the account disclosures on a different page, or do the disclosures need to be on the same page? We do not display any rates, but we do have disclosures related to mobile banking (carrier fees may apply) and foreign ATMs (fees may be charged by non-bank owned ATMs).
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Yes, we believe it would be acceptable for a webpage describing different account types to include a link to a separate page that provides disclosures regarding mobile banking and ATM fees. We are not aware of any specific requirements for disclosing that a carrier may impose messaging or data rates, although we do view this…
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Are there specific record retention requirements that apply to original homeowner insurance policies, annual escrow analyses, and mortgage releases for residential mortgage loans? We currently retain electronic copies of these documents for seven years and shred the paper copies after one year. We keep original copies of notes. Is that an acceptable practice?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA. No, we are not aware of specific record retention requirements for original homeowner insurance…
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We currently scan trust documents and death certificates and retain the scanned documents electronically. Do we need to maintain the physical documents after scanning them?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA. We believe that your bank should retain original trust instruments and their codicils and amendments…
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Our core processor has offered a feature allowing us to email deposit receipts to the customer. We will allow customers to choose whether they want a printed receipt or email receipt. Do we need to get a consent in writing to be compliant with E-Sign requirements before delivering electronic receipts?
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No, we do not believe that your bank needs to meet the disclosure and consent requirements in the federal E-Sign Act before providing electronic receipts for deposits. The E-Sign Act’s disclosure and consent requirements apply only to documents that are required by law to be in writing. We are not aware of any federal or…
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If we don’t have an email servicing vendor, do we have to send out notices by email under the new Illinois unclaimed property law? Our account agreements include a statement that customers who sign the agreement are consenting to us sending account notices by email, but not all of our customers have completed full ESIGN consent procedures. What is the penalty for a failure to send a second copy of our due diligence notices by email?
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Yes, your bank is required to send due diligence notices by email, based on both the Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA) and the email consent provision in your account agreements. The Illinois RUUPA requires property holders to send their due diligence notices by regular mail and also by email if the apparent…
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Is there a retention period for bank policies that have been approved by our board and signed by an officer?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA. We are not aware of any mandatory retention period for original drafts of board-approved bank…
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How long should our bank retain closed trust files in our trust department, which include trust instruments and attendant documents, such as transaction listings, paid checks, and bills? We currently retain hard copies of all of these documents.
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA. We believe that your bank should retain original trust instruments and their codicils and amendments…
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Do we need to obtain a wet signature on individual retirement account (IRA) and health savings account (HSA) documents, or can we use an electronic pin pad to obtain a signature? Also, do we need to keep hard copies of IRA and HSA files, or can we retain only electronic copies?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA. We believe that you may accept electronic signatures on IRA and HSA documentation. Both Illinois…