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#2258415 - 08/19/21 05:42 PM TISA Disclosure & E-Sign
whynotjustcomply Offline
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Joined: Aug 2021
Posts: 2
In a situation where TISA disclosures were provided electronically for new accounts for a period time, but was not compliant with the E-Sign Act, would the bank need to resend the disclosures by mail? Would any refunds be due to the customer due to this error?

Thanks in advance!

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#2258418 - 08/19/21 06:10 PM Re: TISA Disclosure & E-Sign whynotjustcomply
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 9,987
Toano, VA
Section 1030.3(a) requires you to "make the disclosures required by ยงยง 1030.4 [the account opening disclosures]...in writing, and in a form the consumer may keep." If you have given these disclosures neither in paper form nor in an ESIGN-enabled electronic document, then you have not given the disclosures. There is no way to "unviolate" the timing requirement, but you still owe these customers a written disclosure. The same two delivery methods (paper or electrons) are options, but it sounds like your normal practice has reverted to paper. If so, that's what I would use for this remedial delivery of the account opening disclosures.
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