ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT Flashcards
if a member wants to transact business electronically, then under the ESIGN act the CU can take the member’s consent to transact business electronically verbally (no need to confirm online) True or False?
Prior to a member conducting business electronically, the esign statue requires the CU to provide the member with a disclosure statement informing the member of her or his rights, as well as a description of the hardware and software needed to complete the transaction and to retain electronic records. True or False?
Under the esign act the member must affirmatively consent of opt in to conduct business electronically, and electronic signatures & records have the same legal validity & enforceability as paper records and handwritten signatures. True or False?
a. esign not only mandates the type of technology to use, but requires that e-commerce be used for services. True or False?
b. prior to a member conducting business electronically, the esign act mandates that the member be given an error resolution notice and procedures. True or False?
the esign contains no obligation for CUs to notify their members if there is a change in the hardware or software requirements for conducting business electronically. True or False?
under the esign’s record retention provisions 1. the records must remain accessible to all parties legally entitled to access them, 2. the records must be in a form that can be accurately reporduced for later reference, and 3. the electronic record must accurately reflect the information in the paper contract or other record. True or False?
per esign a member’s affirmative consent online to use procucts and services is good forever. True or False?
a CU must submit a request from detailing its compliance esign to the NCUA or FRB before it can accept and rely on electronic signatures or engage in transactions sanctioned by the act. True or False?
