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#1889548 - 01/23/14 05:18 PM Esign Consent
swiggles Offline
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swiggles
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Posts: 7,351
We are using a software system for esign consent and delivery.

Question......can we have a customer consent once and then use that consent for disclosure delivery for a uture loans? Or do we have to have a consent form acknowledged for each transaction?
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#1889560 - 01/23/14 05:35 PM Re: Esign Consent swiggles
Richard Insley Offline
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Richard Insley
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Toano, VA
If you are in compliance with Section 7001(c)(1)(B)(ii),

...the consumer, prior to consenting, is provided with a clear and conspicuous statement—...
(ii) informing the consumer of whether the consent applies
(I) only to the particular transaction which gave rise to the obligation to provide the record, or
(II) to identified categories of records that may be provided or made available during the course of the parties’ relationship


then you have already told each customer the scope of his/her consent. If your pre-consent disclosure was not broad enough, then you will need to obtain additional consent for each new "category of records."
Last edited by Richard Insley; 01/23/14 05:39 PM. Reason: Randy-I learned how to type in HS and have been practicing 50 years!
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#1889561 - 01/23/14 05:36 PM Re: Esign Consent swiggles
rlcarey Online
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Depends on your agreement:

(ii) informing the consumer of whether the consent
applies (I) only to the particular transaction which
gave rise to the obligation to provide the record, or
(II) to identified categories of records that may be
provided or made available during the course of the
parties’ relationship;
Last edited by rlcarey; 01/23/14 05:36 PM. Reason: Dang - Richard is quick :)
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#1889570 - 01/23/14 05:43 PM Re: Esign Consent swiggles
swiggles Offline
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swiggles
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Thank you!!!!
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#1889762 - 01/23/14 09:42 PM Re: Esign Consent swiggles
BankRegGuy Offline
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Joined: Sep 2011
Posts: 74
Also make sure that your new disclosures will be provided in the format that was mentioned in the agreement.

We do not do pdfs on our estatement so never verified ability to receive pdf disclosures.

I do not think that we can now give pdf disclosures to the customer.

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#1889855 - 01/23/14 11:28 PM Re: Esign Consent BankRegGuy
Richard Insley Offline
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Richard Insley
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Toano, VA
Originally Posted By: BankRegGuy
I do not think that we can now give pdf disclosures to the customer.
See Section 7001(c)(1)(D) of ESIGN.
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#1890425 - 01/24/14 11:06 PM Re: Esign Consent swiggles
Andy_Z Offline
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While I agree with the above, the CFPB is inviting a conflict here, IMHO, under 1026.41.


"Presumed consent. Any consumer who is currently receiving disclosures for any account (for example, a mortgage or checking account) electronically from their servicer shall be deemed to have consented to receiving e-statements in place of paper statements."

I personally wouldn't use the cramdown unless forced to in some way.
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#1890433 - 01/24/14 11:31 PM Re: Esign Consent swiggles
Richard Insley Offline
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Richard Insley
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Toano, VA
Sure, why not. If Congress can "deem" a 2,000 page bill to have passed without reading it or taking a vote, this is a piece of cake.
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#1890437 - 01/25/14 12:02 AM Re: Esign Consent swiggles
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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I hate that cramdown.
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