Policy Approval Date: 01/18/2024
Policy Effective Date: 01/18/2024
Next Review Date: 01/18/2024
This Policy applies when: (i) Good News Group LLC, DBA Savvy Loans, (“Savvy”) originates and funds loans of any type; and (ii) Savvy and NCP (“Third-Party Lender”) enter a lending program where the Third-Party Lender funds loans of any type. In either case, Savvy markets to and solicits consumers interested in obtaining loans of any type. Such loans are originated and funded in accordance with either: (i) Savvy’s credit criteria; or (ii) the Third-Party Lender’s credit criteria, depending on whether Savvy is acting as a lender or a service agent for the Third-Party Lender.
This E-Sign Act Policy (this “Policy”) has been approved by Savvy’s CEO. This confidential document has been created to provide management, employees, personnel, officers and directors (“Savvy Personnel”) with guidance with respect to their responsibilities regarding compliance with the E-Sign Act as it relates to the conduct of Savvy’s business.
The Electronic Signatures in Global and National Commerce Act of 2000, 15 U.S.C. §§ 7000-7031 (“ESIGN Act”) allows the use of electronic records to satisfy any statute, regulation, or rule of law requiring that such information be provided in writing, if the consumer has affirmatively consented to such use and has not withdrawn such consent.
The ESIGN Act imposes special requirements on businesses that want to use electronic records or signatures in consumer transactions and contains certain recordkeeping requirements.
Savvy will comply with the ESIGN Act and this Policy if it provides electronic documents or disclosures to customers such as electronic statements, preauthorized electronic electronic fund transfers authorizations or billing dispute resolution notices and documents related to extensions of credit.
The ESIGN Act provides that information required by law to be in writing may also be made available electronically to a consumer, but only if the consumer affirmatively consents to receive the information electronically and the business clearly and conspicuously discloses specified information to the consumer before obtaining the consumer’s consent.
The ESIGN Act also provides that consumers be allowed to withdraw their consent at any time. Savvy will adhere to these requirements providing disclosures electronically.
Savvy prior to obtaining customers’ consent will:
Customers must also consent electronically, or electronically confirm consent, in a manner that reasonably demonstrates their ability to receive or access the information electronically.
Savvy will provide customers with a statement detailing any revised hardware and software requirements for access to and retention of electronic records, and the right to withdraw consent without the imposition of any fees for such withdrawal and without the imposition of any condition or consequence that was not disclosed. After providing this statement, Savvy will again obtain customers’ affirmative consent.
Consumers may withdraw consent to receive electronic notices at any time. No charge will be imposed for paper copies of electronic records.
Savvy may rely on an electronic record of the information that accurately reflects the information in a contract or other record provided it remains accessible to all persons who are legally entitled to access the information in a form that can later be reproduced.
Electronic records must comply with formatting, proximity, and other requirements of the statute, regulation, or other rule of law that imposes the obligation to provide or make available the particular record.
Both Savvy and, if applicable, Third-Party Lender may retain electronic records that are required to be retained by any statute, regulation, or other rule of law. Such electronic records must accurately reflect the information set forth in the contract or other record, and must remain accessible to all persons who are entitled to access by statute, regulation, or other rule of law, for the period required, and in a form that is capable of being accurately reproduced for later reference.
Savvy hardware and software requirements require the customers have Adobe Acrobat and all disclosures will be provided in a PDF format that can be printed and retained by the customers.
Savvy’s CEO is responsible for developing, implementing and administering the ESIGN Program. Savvy’s CEO and, if applicable, the Third-Party Lender will approve all ESIGN Disclosures and Consents provided to customers. Savvy’s CEO will keep apprised of agency guidance and decisional law related to the ESIGN Act. Savvy’s CEO also will make any necessary changes to the ESIGN Act Program.
New Savvy Personnel will receive ESIGN Act Program training as it relates to their job responsibilities within thirty (30) days of the employee’s start date. All affected employees will receive ESIGN Act Program training annually or as necessary when changes are made to this Policy and its procedures. Savvy Personnel questions related to compliance with this Policy should be directed to Savvy’s CEO. Evidence of training will be retained and made available upon request.
Savvy’s CEO will be responsible for maintaining a record of the form of ESIGN Consent used by Savvy and for ensuring that Savvy maintains (1) customer records that include E-Sign Consents, if applicable, in accordance with the Record Retention Policy and (2) electronic records in a form that can later be produced. Refer to the Record Retention Policy for additional information on retaining evidence of record retention, the manner of retention, and the period of retention.
