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#2251531 - 03/30/21 10:45 PM Retention of econsent
ADN Offline
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Joined: Mar 2007
Posts: 205
We are just starting to utilize DocuSign so looking for what documentation others retain to support their loan files when DocuSign is utilized. Our bank does not retain files electronically. We are old school and still have physical files. I was thinking we would want to retain the "envelope" or "certificate" that shows delivery date, document sent, email address, ip address etc. but others think that is not necessary. Any thoughts or advice?

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eBanking / Technology
#2251538 - 03/31/21 01:57 PM Re: Retention of econsent ADN
rlcarey Online
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Joined: Jul 2001
Posts: 79,912
Galveston, TX
E-Sign does not have a specific requirement, it would be based on the specific documents that you were required to deliver. So, you would have to look at the requirements for each document for required timing of delivery and any retention periods. Without proof of delivery - delivery never happened - to put it basic terms.
The opinions expressed here should not be construed to be those of my employer:

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#2251641 - 03/31/21 08:19 PM Re: Retention of econsent ADN
Richard Insley Online
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Richard Insley
Joined: Oct 2000
Posts: 10,082
Toano, VA
You can print and retain whatever paper copies you want, but they're little more than courtesy copies. If you and the consumer agree/consent to e-delivery of documents (whether or not e-signatures were required), then the only evidence that will matter in a contract dispute or regulatory challenge will be the electronic signatures, documents, and system delivery logs. ESIGN consent is not valid until the customer demonstrates capacity (minimum hardware, software, and savvy), so the only way to prove that documents were delivered "in writing" (i.e., "it happened") is to first prove that prior to the first e-delivery the customer received the ESIGN-required pre-consent disclosures and then consented in an ESIGN-compliant manner. Having proven that "written" delivery happened, then you move on to questions of completeness and accuracy of the contents of the e-documents. Once again, completeness and readability of an electronic document's contents can only be judged by examining the bank's e-copy of the documents transmitted electronically.
...gone fishing.

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