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"X" Marks the Spot - Or Perhaps Not

Answered by: 
Andy Zavoina

Question: 
I know that I was told a long time ago that you cannot mark a finance contract with an "x" or hi-lite where a customer is supposed to sign. I believe this is called coersion. Can you tell me where I can find some type of documentation supporting this?
Answer: 

Although I had heard the same thing, I have seen some areas where it was still common practice to use "sticky-tabs" that said "Sign Here" or have an "X" on them. The standard 1003 URLA even has "X" where it is to be signed. I believe there may have been some instances where a lender had errors and this may have contributed to a loss, but I have never seen a real case on it. Legal research may be needed.

First published on BankersOnline.com 2/21/05

First published on 02/21/2005

Filed under: 
Compliance
Filed under compliance as: 
IT
Research

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