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Compliance Question of the Week

Question: What is an example of a disclosure delivery that does not comply with the E-SIGN Act requirements?

ANSWER: 

All initial disclosures are provided via mail or in-person. However, the Closing Disclosure is emailed to ensure timely delivery three days prior to closing. The Closing Disclosure is emailed without E-SIGN Act disclosures. The bank relies on acknowledgment of receipt to show demonstrable consent.

Explanation: The Closing Disclosure delivery in this example does NOT comply with the E-SIGN Act requirements for several reasons:

1. The consumer did not receive the disclosures required under the E-SIGN Act.

2. The consumer did not actually agree to receiving the Closing Disclosure electronically prior to receiving it.

3. Proof that the borrower received the Closing Disclosure does not, by itself, show demonstrable consent as required by the E-SIGN Act.

Reference: E-SIGN Act.

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