NMLS - E-Sign Act
What must be included in the statement informing the consumer of their rights?
Right to request a paper copy, right to withdraw consent, procedures for withdrawal, scope of consent, procedures for updating contact information, and hardware/software requirements.
What does the E-Sign Act state about the validity of electronic records and signatures?
They cannot be declared invalid solely because they are electronic.
What is an electronic record?
A contract or other record created, generated, sent, communicated, received, or stored electronically.
What is the definition of an electronic record?
A contract or other record created, generated, sent, communicated, received, or stored electronically.
What is the E-Sign Act?
A federal law that allows the use of electronic records.
What form should the records be kept in?
A form that can be accurately reproduced.
What is information according to the E-Sign Act?
Data, text, images, sounds, codes, computer programs, software, databases, or similar.
What is the definition of information according to the E-Sign Act?
Data, text, images, sounds, codes, computer programs, software, databases, or similar.
What does the E-Sign Act allow for record retention?
Electronic records can be kept if required by another law, rule, or regulation.
What happens if a consumer withdraws consent?
Existing contract remains valid and enforceable.
What is the E-Sign Act?
Federal law addressing validity of electronic documents and signatures.
What is the reference for oral communications not qualifying as electronic records?
15 U.S.C. §7001(c)(6).
What is the reference for the record retention requirement?
15 U.S.C. §7001(d)(1).
What cannot be denied legal effect, validity, or enforceability under the E-Sign Act?
An electronic signature, contract, or other record related to a transaction.
What is an electronic signature?
An electronic sound, symbol, or process attached to or associated with a contract or record, executed or adopted with the intent to sign.
What is the definition of an electronic signature?
An electronic sound, symbol, or process attached to or associated with a contract or record, executed or adopted with the intent to sign.
What is considered an electronic record?
Any information created, generated, sent, communicated, received, or stored by electronic means.
When must disclosures be provided for electronic account opening or service requests?
Before the account is opened or service is requested.
What is required for a consumer to give electronic consent?
Clear and conspicuous statement informing the consumer of their rights and options.
What is the requirement for electronic consent?
Consumer must show that they can access information in electronic form.
What is a record according to the E-Sign Act?
Information inscribed on a tangible medium or stored in an electronic medium that can be retrieved.
What is the definition of a record according to the E-Sign Act?
Information inscribed on a tangible medium or stored in an electronic medium that can be retrieved.
What does the E-Sign Act apply to?
Interstate and foreign commerce.
What is the scope of the E-Sign Act?
Interstate and foreign commerce.
Do oral communications qualify as electronic records?
No, they do not.
What is the required retention period?
Not specified in the law.
What is the requirement for record retention?
Remain accessible and able to be reproduced.
What is the requirement for electronic delivery under the E-Sign Act?
The consumer must affirmatively consent to it.
What must the electronic record accurately reflect?
The information set forth in the document.
What does the E-Sign Act allow for?
The use of electronic records to satisfy laws requiring written information.
What is the general goal of the E-Sign Act?
To address the validity of electronic documents, records, and signatures.
What is the purpose of the E-Sign Act?
To establish the validity and enforceability of electronic records.
What is the purpose of the E-Sign Act?
To facilitate the use of electronic records and signatures in commerce.
What is the intent of a person when executing or adopting an electronic signature?
To sign the record.
What transactions does the E-Sign Act apply to?
Transactions involving interstate or foreign commerce.