Electronic Signature Legislation Awaits President’s Signature
Over the last 18 months there has been an increasing recognition by members of Congress that there is a need for federal legislation to establish a uniform standard for engaging in electronic commerce nationwide. Last week this federal legislation moved substantially closer to becoming a reality with the passage of S. 761, the Electronic Signatures in Global and National Commerce Act (the "Act" or "S. 761"), in the House of Representatives by a vote of 426 to 4, and in the Senate on a vote of 87 to 0. The President is expected to sign the legislation in the next 2 weeks.
Companies trying to establish an online presence have moved from merely displaying or posting service and product information on their websites to developing more sophisticated and interactive services. Many websites now offer consumers checking and savings accounts, credit cards, multiple loan products, the ability to transfer funds, the ability to view
