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 enacted in 2000 that gives electronic signatures the same legal recognition as traditional paper-based signatures. This means that electronic documents, contracts, and signatures can be legally binding, just as their paper counterparts. In Oklahoma, the law is implemented by the Oklahoma Statutes Title 24A. This statute sets the requirements for electronic documents and signatures, such as providing the same level of protection to consumers and making sure the agreement is in a form that both parties understand and agree to. The law also prohibits fraud or manipulation of electronic documents and requires the use of commercially reasonable methods to ensure that the document is not altered. ESIGN applies to many kinds of banking transactions, including mortgages, credit cards, loan documents, and other banking documents. The Act ensures that all parties in a banking transaction are fully informed and understand the nature of the transaction and the terms of the agreement. It also promotes the adoption of new technologies and makes banking more efficient, providing protection for consumers as well as businesses.

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

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