What is the Electronic Signatures in Global and National Commerce Act?

The Electronic Signatures in Global and National Commerce Act (ESIGN) is a federal law that sets standards for using electronic signatures and records in commerce. This law was created in 2000 to make it easier to conduct business electronically, such as online banking and signing contracts. In North Carolina, the ESIGN Act has been approved and adopted by the state, which means that electronic signatures and records are valid and enforceable in the state. This law was created to promote the expansion of electronic commerce and ensure that consumers are protected when signing documents electronically. It also helps to reduce costs associated with using paper for documents related to banking and other transactions. The ESIGN Act provides rules about how electronic signatures can be used, including requirements about identity authentication and giving signature owners control over how their signature is used. The law also contains rules about how transactions can be documented, including how documents must be stored and whether they can be amended. Overall, the Electronic Signatures in Global and National Commerce Act is important for banking law in North Carolina, as it makes electronic transactions and signatures valid, secure, and enforceable. This helps to make business transactions easier and more efficient while also protecting consumers and the financial industry.

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What is the Electronic Signatures in Global and National Commerce Act?

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