[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2006]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR202.16]

[Page 29-30]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 202_EQUAL CREDIT OPPORTUNITY ACT (REGULATION B)--Table of Contents
 
Sec. 202.16  Requirements for electronic communication.

    (a) Definition. Electronic communication means a message transmitted 
electronically between a creditor and an applicant in a format that 
allows visual text to be displayed on equipment, for example, a personal 
computer monitor.
    (b) General rule. In accordance with the Electronic Signatures in 
Global and National Commerce Act (the E-Sign Act) (15 U.S.C. 7001 et 
seq.) and the rules set forth in this regulation, a creditor may provide 
by electronic communication any disclosure required by this regulation 
to be in writing. Disclosures provided by electronic communication must 
be provided in a clear and conspicuous manner and in a form the 
applicant may retain.

[[Page 30]]

    (c) When consent is required. For disclosures required by this 
regulation to be in writing, a creditor shall obtain an applicant's 
affirmative consent in accordance with the requirements of the E-Sign 
Act. Disclosures under Sec. Sec. 202.9(a)(3)(i)(B), 202.13(a), and 
202.14(a)(2)(i) are not subject to this requirement if provided on or 
with the application.
    (d) Address or location to receive electronic communication. A 
creditor that uses electronic communication to provide disclosures 
required by this part shall:
    (1) Send the disclosure to the applicant's electronic address; or
    (2) Make the disclosure available at another location such as an 
Internet Web site; and
    (i) Alert the applicant of the disclosure's availability by sending 
a notice to the applicant's electronic address (or to a postal address, 
at the creditor's option). The notice shall identify the account 
involved and the address of the Internet Web site or other location 
where the disclosure is available; and
    (ii) Make the disclosure available for at least 90 days from the 
date the disclosure first becomes available or from the date of the 
notice alerting the applicant of the disclosure, whichever comes later.
    (3) Exceptions. A creditor need not comply with paragraph (d)(2)(i) 
and (ii) of this section for the disclosure required by Sec. 202.13(a).
    (e) Redelivery. When a disclosure provided by electronic 
communication is returned to a creditor undelivered, the creditor shall 
take reasonable steps to attempt redelivery using information in its 
files.
    (f) Electronic signatures. An electronic signature as defined under 
the E-Sign Act satisfies any requirement under this part for an 
applicant's signature or initials.