Imaged Documents & Checks: Regulations & Legal Concerns

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Do you know which original loan documents must be retained and which can be destroyed after they are imaged? Do you understand the legal requirements for imaged checks? Every day, your institution processes numerous checks and deposit records and relies on multiple imaged credit files. Image technology can make operations more convenient, but it also can complicate matters. Not all imaged documents are treated the same under the law. It’s important to understand the rules regarding imaged documents and to protect your institution from costly mistakes. 

HIGHLIGHTS

  • Review of the Electronic Signatures in Global and National Commerce Act (E-SIGN Act)
  • What is the distinction between an imaged document and an electronic signature?
  • When is an imaged document legally enforceable?
  • When do courts require the original document?
  • When can the original be destroyed after the document or check is imaged?
  • Can a third party require you to keep the original document after it has been imaged?
  • How do you properly protect and destroy electronically stored information?

TAKE-AWAY TOOLKIT

  • Sample document retention policy language that authorizes use of imaged documents
  • Special provisions to obtain consent from consumers for the use of imaged documents
  • Employee training log
  • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?
This informative session is designed for both the deposit and the credit sides of your institution, including deposit and loan operations, officers, managers, auditors, compliance personnel, and others involved in document imaging, storage, and retrieval. 

ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.

Originally recorded on September 6, 2018.

Recorded webinar is available until March 31, 2019.

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