E-SIGN Act - Faxing Lending Disclosures

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Question:

Does the E-SIGN Act allow disclosures to be provided to borrower's via fax? If so, is it considered to be "received the same day"?

Answer:

E-Sign doesn't mention the use of fax in making disclosures or obtaining authorization under E-Sign. Your state laws may reference if a fax is considered a proper disclosure. I would hesitate to assume that because I faxed a document, it had been received. I would want an independent verification of that.

First published on BankersOnline.com 10/05/09