Topic: Electronic Signatures in Global and National Commerce Act (ESIGN)
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Do we need to obtain ink or wet signatures on stop payment orders? Do we need a written acknowledgment of stop payment orders?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021.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 believe that you may accept electronic signatures for stop payment orders. Both Illinois…
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We are looking at what time frame for record retention we need to observe for documents in our Trust Department. We are trying to create some space in our vault. What items can be imaged instead of keeping actual paper documents? What items do we need to retain as paper documents forever?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021.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. The general rule under Illinois law is that electronic versions of documents have “the same…
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When we have a customer sign an indemnity bond for a lost CD, do we need to keep an original copy, or would an electronic version suffice?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021.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. An electronic version of the indemnity bond should suffice. The general rule under Illinois law…
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We are implementing an electronic record retention system for our deposit and loan accounts. Do you recommend retaining hard copies of any 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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021.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. It depends on both the type of documents and your bank’s procedures. You should retain…
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We are in the process of imaging all loan files. Do we need to retain any hard copies? Does Illinois have any specific rules for electronic file retention? Are we required to provide original documents in court?
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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, Illinois law does have rules for electronic file retention. No, you do not need…
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We are considering implementing electronic signature pads for new deposit accounts and, eventually, loans. What are the state law implications that we should be considering during this process?
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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. Illinois law provides that electronic signatures have the same validity as ink signatures, but additional…
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Does Illinois law require an ink signature on loan documents? We would like to use digital signatures for our consumer auto loan documentation.
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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, Illinois law does not require an inked signature on loan documents, although heightened requirements…
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When a customer comes into a branch and uses a personal banker’s computer to add online banking access to an existing account, is it acceptable to ask the customer to read the disclosures on the computer screen, or should it be done at a home computer?
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If your customers are signing up for online banking only, without adding e-statements at the same time, we do not see a problem with using a personal banker’s computer. We are not aware of any disclosures that would need to be provided in writing for enrolling an existing customer in online banking, and therefore we…
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We are thinking about providing a bonus credit of $10 for new student checking accounts. Can we condition the bonus on the customer’s enrollment in internet banking?
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With proper disclosures, you should be able to provide the account bonus on the condition that the customer enrolls in internet banking. Any advertising and account disclosures should clearly state that customers must sign up for internet banking to receive the bonus. If you will not be providing paper statements to the customers that enroll…
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Do we need to retain our dormancy letters and safe deposit box contracts? Can we store these records electronically?
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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. Safe deposit box contracts. We are not aware of any specific legal requirements that apply…