Electronic Signatures in Global and National Commerce Act (ESIGN) Flashcards
If a member wants to transact business electronically, then under the ESIGN Act the credit union can take the members consent to transact business electronically verbally, (no need to confirm online)
False
Prior to member conducting business electronically, the E sign statue requires the credit union to provide the member with a disclosure statement informing the member of her or his rights, as well as the description of the hardware and software needed to complete the transaction and to retain electronic records
True
Under the E sign Act the member, must affirmatively consent, or opt in to conduct business electronically and electronic signatures and records have the same legal validity, and enforceability as paper records, and handwritten signatures
True
ESIGN not only mandates the type of technology to use but requires that e-commerce be used for services
False
Prior to a member conducting business electronically, the E sign Act mandates that the member be given an error, resolution notice and procedures
False
The E sign contains no obligation for credit unions to notify their members if there is a change in the hardware and software requirements for conducting business electronically
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 reproduced for later reference, and.
3. The electronic record, most accurately, reflect the information in the proper contract or other record.
True
Per ESIGN a members affirmative consent online to use products and services is good for ever
True
A credit Union must submit a request. Form detailing its compliance with Esign to the NCUA or FRB before you can accept and rely on electronic signatures, or engage in transactions, sanctioned by the act.
False
