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| | Electronic Signatures in Global and National Commerce Act - Pub.
L. 106-229 (text) (PDF), 114 Stat. 464, enacted June 30, 2000, 15 U.S.C. 96) is a United States Federal law that was passed by Congress. The purpose of the act is to ensure the validity and legal force of contracts made electronically. Although every state has at least one law pertaining to electronic signatures, it is the federal law that lays out the guidelines for interstate accounting e commerce (http://Plurismillesimes.com/info.php?a%5B%5D=%3Ca+href%3Dhttps%3A%2F%2Fu.to%2FZWe6Hw%3Eaccountants+for+e+commerce%3C%2Fa%3E%3Cmeta+http-equiv%3Drefresh+content%3D0%3Burl%3Dhttps%3A%2F%2Fwww.google.mk%2Furl%3Fq%3Dhttps%3A%2F%2Fwww.c21.hk%2FHOME%2FENG%3Furl%3Dhttps%3A%2F%2Fyoudino.com+%2F%3E). In the first section of the ESIGN Act (101.a), the general intention is that a signature or contract "may not have its legal validity or enforceability denied solely due to the fact it's in electronic format".
The simple declaration states that electronic records and signatures are as valid as paper counterparts. They must therefore be subjected to the same scrutiny as paper documents. 2) ELECTRONIC – This term refers to any technology that is electrical, digital magnetic wireless optical electromagnetic or has similar capabilities.
4) ELECTRONIC RECORD – An electronic record is a document or contract that has been created or generated electronically, and then sent, communicated or received. 5) ELECTRONIC FINGERPRINT - A 'digital signature' is an electronic symbol, sound, or procedure attached to or logically connected to a document or contract.
It can be executed or adopted in the spirit of signing the record. 2) A contract that relates to this type of transaction is not subject to being denied its validity, legal force, or enforcement because an electronic signatory or record was used. Individuals have the right to refuse using electronic signatures under Section 101(b) of ESIGN Act.
In this case, the law stipulates that the individual has the right to sign on paper. The sub-section (c), which requires a disclosure to the consumer that the signatory consented for electronic formats, is a direct response to (b). The section 101(c),(1)(C), states that "consent must be given electronically in a way that demonstrates to the reasonable satisfaction of the court that the signatory can obtain the requested information on the electronic format".
Consent must be given formally, which means the consumer cannot simply assume consent because they haven't selected an option to deny or grant consent. Save Daily founder Eric Solis implemented Section 106 nine months ahead of its approval in October of 1999.
He used an electronically signed to open paperless brokerages accounts. Solis was able to overcome the section 101(c),(1)(C), requirements by getting the customer's consent in advance, via Consumer Disclosures. All communications including signatures were executed and delivered electronic.
Section 101(d) provides that if a law requires that a business retain a record of a transaction, the business satisfies the requirement by retaining an electronic record, as long as the record 1) "accurately reflects" the substance of the original record in an unalterable format, 2) is "accessible" to people who are entitled to access it, 3) is "in a form that is capable of being accurately reproduced for later reference, whether by transmission, printing or otherwise", and 4) is retained for the legally required period of time.
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