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 was passed in 2000. It provides legal recognition and enforceability of electronic, or digitally signed, contracts and signatures in interstate and foreign commerce. Its purpose is to promote the continued expansion of electronic commerce by ensuring that electronically signed contracts have the same legal standing as traditional paper contracts signed with pen and ink. The ESIGN Act applies to both consumer and business-to-business contracts. It affects a wide range of activities, including consumer loan applications and agreements, insurance policies, purchase agreements, and real estate closing documents. In Maine, banks are required to comply with the ESIGN Act when engaging in electronic commerce. The law also requires consumers to provide consent in writing before entering into any electronic transaction. The ESIGN Act has made it easier for consumers to purchase goods and services online. It has made the process faster, more convenient, and less prone to errors. It has also given businesses more options when it comes to obtaining customer signatures and completing transactions quickly. Overall, the ESIGN Act has been a positive development for electronic commerce in Maine and across the nation. It has enabled the efficient completion of transactions, while protecting the rights of both consumers and businesses.

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

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