3.141- What are the Required ESIGN disclosures?

Prior to obtaining their consent, financial institutions must provide the consumer, a clear and conspicuous statement informing the consumer:

1. • of any right or option to have the record provided or made available on paper or in a non electronic form, and the right to withdraw consent, including any conditions, consequences, and fees in the event of such withdrawal;

2. • whether the consent applies only to the particular transaction that triggered the disclosure or to identified categories of records that may be provided during the course of the parties’ relationship;

3. • describing the procedures the consumer must use to withdraw consent and to update information needed to contact the consumer electronically; and

4. • informing the consumer how the consumer may nonetheless request a paper copy of a record and whether any fee will be charged for that copy.

Related Topics: What is E-Sign Act

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