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Monday, June 30, 2014

What must be done for a bank or insurance agency to provide disclosures electronically under the E-SIGN Act?

By: ABIA Outside Counsel Chrys D. Lemon and Adam D. Maarec, McIntyre & Lemon, PLLC

The E-Sign Act permits consumer disclosures that are required to be delivered in writing by law (i.e. Gramm-Leach-Bliley Act privacy disclosures or non-deposit investment product disclosures) to be delivered electronically provided the recipient is given certain information and “affirmatively consent[s]” to receive the disclosures electronically. See 15 U.S.C. 7001 et seq. The following statements must be clearly and conspicuously provided before the consumer is asked to provide consent to receive electronic disclosures:

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