The Consumer Disclosure Agreement is a clear and conspicuous statement informing consumers about their rights and certain procedures that the consumer needs to agree to before signing a document electronically. It also provides a record that the consumer has agreed to receive documents electronically.
Organisations relying on consent from consumers must include the following in their consumer disclosure agreements:
- Whether customers have a right or option to receive information on paper;
- Explain that the consumer has the right to withdraw consent and provide the procedures to withdraw consent as well as the consequences of withdrawing consent;
- Whether the consent relates to a particular transaction or to ongoing disclosures;
- Describe the procedures for updating the consumer’s contact information;
- Outline the hardware and software requirements to access and retain the electronic records; and
- Explain how an individual can obtain paper disclosures after consent has been given and describe any associated fees.