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I am doing some research around E-SIGN and its applicability to both compliance and the law. While I know we have members in different states, and each state is different and any case law or state law, mentioned may not be binding in our "home" state, I would still be interested in how other jurisdictions are handling this.
What is your take on courts requesting original signature cards? We have an in-house collections department, that will go to court to file judgement on charged-off checking accounts or past due loans. In our local courthouse a certain judge has often asked our collections manager for the original signature card, when she is trying to obtain judgement. At our bank, customer signature cards can be obtained a number of different ways. The most common is via a digital topaz screen (electronic screen that the customer physically signs when they open a new account). There are some situations however where the customer can not come to the branch and sign, so we will go to the customer and have them sign a “wet” signature paper form, and then we come back to the branch and scan that paper form to our customer accounts team.
I am trying to find out if that scanned wet signature will hold up in court as an original (since after it is scanned we destroy the paper copy). Additionally we have circumstances when the customer is out of area, or someone is opening a joint account where only one party is present in the branch and we send out the signature form electronically to the other party via email and they “remote E-sign” via a digital signature (which is just a printed version of their name). I am wondering if these will hold up in court?
Furthermore, have you ever seen where a bank will allow customers to completely doc-u-sign/ remote E-SIGN a loan application and all associated closing documents? Even the big players in this space (Rocket mortgage, Quicken loans) usually send a mobile Notary once all the paperwork is completed to come meet with you and obtain a wet signature on the paperwork.
Our mortgage department has asked if instead of that wet signature at closing if an electronic signature would suffice in the courts. What about Deeds of Trust, can they have electronic signatures?
I really appreciate your help or any insight you can provide via your years in banking. If you find or know of any relevant case law please let me know as that would certainly help in my analysis.
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We currently offer eStatements to our online customers but have a very low adoption rate. We seem to be running into issues with getting customers signed up because we cannot assist them at the bank unless it is on their own device. Being compliant with the E-Sign Act says the customer must "reasonably demonstrate that they can access information in the electronic form that will be used to provide the information that is the subject of the content". What is the way around this so that we can get them signed up at account opening or by utilizing a lobby computer? I know of other institutions that do this but am not finding how that is in compliance. Any help would be appreciated!
We would like to create an easier way for our consumers to sign up for E-Statements. What are the requirements, compliance wise for this? Currently, our customers need to log into their online banking, view a PDF disclosure that generates a "code", and customer then has to type in code and agree to terms and conditions. Compliance wise- can consumers just sign the disclosure/consent in person at lobby?
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