What Is an Electronic Document?

by Richard C. Insley, CRCM

When the Federal Reserve Board issued the September 14, 1999 e-Reg proposals, they produced a list of the various "disclose in writing" rules embedded in the 5 regulations subject to the proposal. This list did nothing to affect the substance of the regulations. Instead, the list is useful as a checklist for electronic and e-sign compliance. Each disclosure on the list is now eligible for e-delivery under E-SIGN.

Equal Credit Opportunity; Regulation B

• Notice of the right to receive a copy of an appraisal
• Adverse action notice

Electronic Funds Transfers; Regulation E

• Initial disclosures
• Change in terms notices
• Annual error resolution notice
• Periodic statements
• Receipts at electronic terminal
• Notice of preauthorized transfer
• Written signed authorizations for recurring debits or credit to or from consumer account
• Notices of error (from consumer)
• Stop payment order (from consumer)
• Written confirmation of oral error notice or stop payment order

Truth in Lending; Regulation Z - Open end credit

• Promotion & application stage:
  • Schumer box disclosures"
  • Preapplication disclosures" (at time HELOC application is provided to consumer)
  • When Your Home is on the Line" booklet

• Account-opening disclosures:
  Right of rescission
  • Notice of right to rescind
  • Notice of rescission (from consumer)
  • Waiver of right to rescind (from consumer)

• Periodic disclosures:

• Periodic statements
  • Long or short form billing error notices
  • Disclosures on renewal of credit or charge card (separate notice or printed on periodic statements)

• Billing error resolution:
  • Notices of a billing error (from consumer)
  • Acknowledgment of billing error notice (from creditor)
  • If error occurred, notice of correction
  • If error occurred, explanation

• Other disclosures:
  • Change in terms notices
  • Notice of change in credit card insurance provider

(to be continued)

Richard C. Insley, CRCM, President, APR Systems, Inc.
richard@aprsystems.com - http://aprsystems.com - (804) 271-2234

Copyright © 2000 Compliance Action. Originally appeared in Compliance Action, Vol. 5, No. 13, 11/00