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#2083115 - 06/13/16 03:34 PM Commercial Loan and UETA/E-SIGN
SallyGirl Online
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Does the UETA have the same or similar requirements for commercial loans that E-Sign has for consumer loans for records required to be in a writing?

For example,if a commercial loan customer requests the Bank to turn-off paper billing statements, since the billing statements are available to be viewed through electronic banking, does UETA require demonstrable consent?

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#2083117 - 06/13/16 03:42 PM Re: Commercial Loan and UETA/E-SIGN SallyGirl
John Burnett Online
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John Burnett
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No. And for commercial transactions, E-Sign doesn't either.
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#2083129 - 06/13/16 04:10 PM Re: Commercial Loan and UETA/E-SIGN SallyGirl
SallyGirl Online
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Posts: 69
Thank you John. So if a commercial loan customer wants the Bank to turn off paper billing statements, there are no further considerations other than documenting the customer's request?

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#2083230 - 06/13/16 09:15 PM Re: Commercial Loan and UETA/E-SIGN SallyGirl
John Burnett Online
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John Burnett
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Posts: 39,557
Cape Cod
You can check your state's version of UETA just to be certain, but as far as E-SIGN, all you need is the business customer's agreement to receive the "written" notices, bills, etc., electronically.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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