Can the Military Lending Act Statement be provided electronically?
The Regulation does not address providing disclosures electronically. This omission could be interpreted to mean that as long as you provide the disclosure in writing and in a form a covered borrower can keep (even if electronically), this is sufficient. In our opinion, we would recommend following E-SIGN requirements, especially since you will need to do so under Regulation Z anyway.
Join us for the Military Lending Act Webinar on August 22, 2019. We will answer all the questions submitted during the live webinar, in writing.
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!