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#2231211 - 02/18/20 07:55 PM Commericial loan and esign
liventhedream Offline
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Joined: Mar 2006
Posts: 150
Could someone please point me to which section of the eSign regulation that applies to delivery of documents to commercial customers. Loans are not for personal, family or household pusposes.

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eBanking / Technology
#2231218 - 02/18/20 08:16 PM Re: Commericial loan and esign [Re: liventhedream]
BrianC Offline
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BrianC
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Illinois
You won't find one. 7001(a) states that an electronic signature is just as binding as a wet signature and 7001 (c) talks about the requirements for obtaining demonstrable consent from consumers. That section does not apply to businesses.
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#2231231 - 02/18/20 10:03 PM Re: Commericial loan and esign [Re: liventhedream]
Richard Insley Offline
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Richard Insley
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Toano, VA
Legal recognition of e-docs and digital signatures is universal--both ESIGN and your state's UETA apply across the board. They are like a free license. The benefits of these e-doc/sig laws are universal--there's no difference between consumers and non-consumers. The only difference (as Brian advises) is qualification. For non-consumers, all it takes is a simple agreement. For consumers, there has to be a "test drive" (or "handshake") before the agreement is valid.
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#2231544 - 02/24/20 04:58 PM Re: Commericial loan and esign [Re: liventhedream]
Andy_Z Offline
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Andy_Z
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On the Net
Richard, let's not forget disclosure requirements. Consumers get more. Commercial accounts should know better.
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#2231582 - 02/25/20 02:41 AM Re: Commericial loan and esign [Re: Andy_Z]
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
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Toano, VA
Originally Posted by Andy_Z
disclosures...Consumers get more
Yes, that's true. My "no difference" comment related only to the benefits (Sec. 7001(a))--which are no different for consumers and non-consumers. The OP seems interested only in commercial customers, so none of Sec. 7001(c) applies.
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Moderated by:  Andy_Z