Topic: Electronic Signatures in Global and National Commerce Act (ESIGN)
-
If we are acquiring the assets of another bank, do we need to provide the debit card customers with any new disclosures?
—
by
In general, new account disclosures may be required when the information being disclosed or the account terms differ from those of the predecessor bank. Regulation CC Disclosure Requirements For example, if any of the items required to be disclosed in your funds availability policy differs from the predecessor bank’s policy, we would recommend making new…
-
Does Illinois require that we send loan payoff statements to customers, and can we send these statements electronically?
—
by
Illinois law requires you to send certain documents when a loan is paid off. As to mortgages, you must execute and deliver a release of the mortgage to the mortgagor or to the county recorder. 765 ILCS 905/2. The release must be delivered within one month after the payment of the debt. 765 ILCS 905/4.…
-
Our online banking vendor allows customers to make a stop payment request online; do we still need to mail forms to the customers to get their signatures, or are electronic signatures sufficient?
—
by
Under the Illinois Financial Institutions Electronic Documents and Digital Signature Act, when a signature is required in a communication between a bank and its customer, the customer can affix a digital signature that has the same force and effect as the use of a manual signature. In order for a digital signature to be effective,…