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E Sign Act

E Sign Act

Purpose/Policy Statement

The E Sign Act or Electronic Signatures in Global and National Commerce Act, establishes that electronic signatures, contracts and records are valid if they meet certain criteria.

E-Sign Act Requirements

The E-Sign Act does not alter or limit any existing disclosure requirements or require any person to agree to use or accept electronic records or signatures. Consumers must consent to receiving the disclosures electronically. The following is required prior to obtaining a consumer's consent:

  1. Indicate whether consumers have a right or option to receive information on paper.
  2. Identify whether the consent relates to the particular transaction (e.g. account opening disclosures) or to ongoing disclosures over the course of the relationship (e.g. monthly statements).
  3. Explain that the consumer has the right to withdraw consent and provide the procedures to withdraw consent as well as the consequences of withdrawing consent.
  4. Describe the procedures for updating the consumer's contact information.
  5. Outline the hardware and software requirements for accessing and retaining records.
  6. Explain how to obtain paper disclosures after consent has been given and describe any associated fees.
  7. Consumers must also consent electronically or electronically confirm consent in a manner that reasonably demonstrates their ability to receive or access the information electronically. 

SCCU Programs and Procedures

Membership

SCCU does not open a membership online at this time.

Deposits and/or Other Services

SCCU does not open deposit accounts or other services online at this time. 

Loans

Applications for Consumer Loans are received via the SCCU website. These applications are received from an applicant but are not signed electronically by the consumer. The application is processed manually by lending staff and no disclosures or documents are signed electronically. The consumer is provided paper copies of the documents.

Home Loan applications are received through the website through the MortgageClick software. This software is backed by the national firm Accenture/Mortgage Cadence. This firm provides documents and forms that are compliant in all 50 states and federal requirements. The online application process requires the members to go through specific steps if they wish to receive documents regarding the home loan electronically. The applicant must follow the steps in the MortgageClick process in order to consent. SCCU staff cannot electronically consent for the member. The applicant will need to have a computer or handheld device in good working order that less than 15 years old with software that is supported by the manufacturer in order to consent to electronic information. If a member decides to withdraw electronic consent, they need to inform SCCU verbally or by email or live chat of their request. SCCU will honor their request without issue and not charge any fee for the change. The member may have all disclosures and documents relating to the mortgage loan application in paper. There is no charge for providing these forms. The member can call, email, text or live chat SCCU with information related to contacting them in the future regarding the loan transaction.