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 recognizes the legal validity of electronic signatures and records. ESIGN is relevant to banking law in Virginia because it allows for the creation of legally binding contracts and documents without the need for written signatures. Specifically, ESIGN clarifies that electronic signatures and documents have the same weight as any paper-based signature and document. It makes it easier for customers to enter into and manage banking agreements, such as loan contracts and bank account agreements, online. For example, when a customer accepts an electronic loan agreement, the ESIGN Act ensures that the document is legally binding and enforceable. The ESIGN Act also contains provisions to protect consumers, including the right to revoke any electronic documents they have signed and the ability to receive and maintain copies of any documents they have signed electronically. This ensures that customers have complete visibility into their banking agreements and the ability to review any contracts that they have signed. The ESIGN Act is an important piece of banking law in Virginia and is a key part of the legal framework that protects customers and allows them to enter into and manage their banking relationships securely and conveniently online.

Related FAQs

What is the Fair Credit Billing Act?
What is the Federal Reserve System?
What is the Real Estate Settlement Procedures Act?
What is the Gramm-Leach-Bliley Act?
What is the Fair Lending Act?
What is the Home Affordable Modification Program?
What is the Electronic Funds Transfer Act?
What is the Fair and Accurate Credit Transactions Act?
What is the Fair Credit Billing Act?
What is the Bankruptcy Abuse Prevention and Consumer Protection Act?

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

Related FAQs

Related Blog Posts