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#156599 - 02/04/04 05:31 PM Account Aggregation Services and E-Sign
Anonymous
Unregistered

We are getting ready to offer account aggregation services to our customers. The E-Sign disclosures, i.e. ,the system requirements,obtaining paper disclosures, etc. are contained in the body of the aggregation agreement/contract. The E-Sign law states that " the consumer, prior to consenting, is provided with a clear and conspicuous statement--". My question - if the E-sign disclosure is contained within the actual contract for the service the consumer is agreeing to obtain, does it meet the requirements of "before consenting" and "clear and conspicuous" or should it be provided as a separate step in the enrollment process?
Thanks

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eBanking / Technology
#156600 - 02/05/04 12:07 PM Re: Account Aggregation Services and E-Sign
Richard Insley Online
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Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
The ESIGN pre-consent disclosures can be delivered in paper form. Consent must be obtained in an electronic fashion that demonstrates success with the medium to be used for delivery of the "written" subject matter.
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#156601 - 02/05/04 03:55 PM Re: Account Aggregation Services and E-Sign
Bear Collector, CRCM Offline
Diamond Poster
Bear Collector, CRCM
Joined: Nov 2000
Posts: 1,830
District of Columbia
Richard
I am still not sure I understand. (Sorry I posted as "anonymous", above. I didn' realize I wasn't logged on.) The question is:
Can the E-Sign disclosures be contained in the same electronic document (not paper) as the contract? (i.e., by clicking "I agree" at the bottom of the contract, the person agrees to receiving the information electronically at the same time they agree to the terms of the contract. The disclosures are and will be in the same format as the contract.) Our interpretation is that this might need to be a two-step process where the person gets the E-Sign disclosures, agrees to those and affirmatively demonstrates consent and only then do they receive the contract and disclosures.
Thanks,
BC
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Being kind is more important than being important.

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#156602 - 02/06/04 03:51 PM Re: Account Aggregation Services and E-Sign
Richard Insley Online
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
You should have demonstrable consent before delivering anything you want the law to recognize as "written."
_________________________
...gone fishing.

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