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#458388 - 11/17/05 05:39 PM ESign - Formal Statement of Rights
Ninky Offline
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Ninky
Joined: Nov 2002
Posts: 357
We are just in the developmental stage of internet lending. ESign references a "Formal Statement of Rights". Is this an actual disclosure that must be provided or is it merely a statement that must be provided early in the application stage online? Either way, does anyone have a model or know where I can find one?

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eBanking / Technology
#458389 - 11/17/05 10:05 PM Re: ESign - Formal Statement of Rights
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,180
Toano, VA
Quote:

ESign references a "Formal Statement of Rights".


It does? What's the cite?
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#458390 - 11/17/05 11:15 PM Re: ESign - Formal Statement of Rights
Ninky Offline
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Ninky
Joined: Nov 2002
Posts: 357
It was actually referred to as a Statement of Rights in an ESign seminar, but the reference is:
Section 101 (c)(1)
(c) Consumer Disclosures
(1) Consent to Electronic Records

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#458391 - 11/17/05 11:30 PM Re: ESign - Formal Statement of Rights
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,750
On the Net
Those are requirements necessary to effect E-Sign agreements. There is no standard verbiage and like any contractual term, it should be agreed upon/disclosed before you have a contract.
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