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#2240910 - 08/11/20 08:49 PM Remittance Transfer Disclosures Electronically
Tesla Offline
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Joined: Nov 2003
Posts: 3,726
The regulation discusses providing the Prepayment Disclosure electronically but does not mention the Combined Disclosure. Do you think this was an omission and we can apply those rules to the Combined Disclosures or must the Combined Disclosure only be provided in writing (paper form)?
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Remittance Transfer Rule
#2240925 - 08/12/20 02:05 PM Re: Remittance Transfer Disclosures Electronically Tesla
John Burnett Offline
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John Burnett
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Posts: 40,086
Cape Cod
The prepayment disclosure may be sent electronically without implicating the E-SIGN Act if, and only if, the sender electronically requests the remittance transfer provider to send a remittance transfer. But, unless the E-SIGN "dance" is completed and the consumer provides demonstrative consent for electronic disclosures, the receipt disclosure must be provided in writing. And, because the combined disclosure alternative described in § 1005.31(b)(3) includes the receipt, the combined disclosure will also have to be in writing, unless you have received E-SIGN demonstrative consent for e-disclosures.

Any remittance transfer disclosure can be provided electronically if the sender has provided demonstrative consent under the E-SIGN Act for e-disclosures. Generally, however, remittance transfers are "one-off" transactions, so it may be unusual to have previous demonstrative consent.

Special disclosure requirement and exceptions apply to remittance transfers requested in oral telephone transactions.
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#2240927 - 08/12/20 02:11 PM Re: Remittance Transfer Disclosures Electronically Tesla
Tesla Offline
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Joined: Nov 2003
Posts: 3,726
Thank you John. I must have missed where it said the Combined Disclosure could be provided with E-SIGN. I thought it was strange they would let you give one disclosure electronically but no others. LOL!
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#2240929 - 08/12/20 02:26 PM Re: Remittance Transfer Disclosures Electronically Tesla
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
I think you can give the pre-payment disclosure electronically (when the request is made electronically) because the consumer will get the same information in writing (and more) in the receipt disclosure.

Note that disclosures by fax are considered made in writing (and that's unusual for a consumer-protection regulation).
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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