Regulations last checked for updates: May 19, 2024

Title 12 - Banks and Banking last revised: May 16, 2024
§ 617.7005 - When may electronic communications be used in the borrower rights process?

Qualified lenders may use, with the parties' agreement, electronic commerce (E-commerce), including electronic communications for borrower rights disclosures. Part 609 of this chapter addresses when a qualified lender may use E-commerce. Consistent with these rules, a qualified lender should interpret part 617 broadly to allow electronic transmissions, communications, records, and submissions. However, electronic communications may not be used for a notice of default, acceleration, repossession, foreclosure, eviction, or the right to cure when a borrower's primary residence secures the loan. In these instances, a qualified lender must use paper disclosures.

authority: Secs. 4.13, 4.13A, 4.13B, 4.14, 4.14A, 4.14C, 4.14D, 4.14E, 4.36, 5.9, 5.17 of the Farm Credit Act (12 U.S.C. 2199,2200,2201,2202,2202a,2202c,2202d,2202e,2219a,2243,2252
source: 69 FR 10907, 10908, Mar. 9, 2004, unless otherwise noted.
cite as: 12 CFR 617.7005