The Electronic Signature and Records Association (ESRA) will celebrate the 20th anniversary of The Electronic Signatures in Global and National Commerce (ESIGN) Act with a free webinar on June 30 at 1:00 pm ET. The webinar will feature key ESRA leaders who contributed to the development of the ESIGN Act. They’ll discuss key components of the Act, how it provides a national legal framework for electronic signatures and transactions, what has changed since 2000, and how ESRA works towards a trusted digital economy for all.
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The ESIGN Act was signed by President Clinton on June 30, 2000. Ten years later, Congress passed a resolution to observe June 30 as National ESIGN Day to raise awareness about electronic signatures and promote its advantages in electronic commerce.
Electronic commerce has seen a dramatic increase since 2000. According to Absolunet, “eCommerce revenue now represents 10.7% of U.S. retail sales.” This percentage is expected to continue to grow, especially within the current context of the global COVID-19 pandemic.
While the ESIGN Act does not apply for every type of document, it laid the foundations for the conversations we’re having today. The public’s desire for electronic signatures to be accepted on more documents has recently spiked. States across the country are proposing bills and regulations for eWills, eRecording, remote eNotaries and more, while Congress is working on addressing these issues on a national level.
When asked why this year’s ESIGN Day was significant, ESRA board member Stephen Bisbee, eOriginal, said, “The ESIGN Act has enabled businesses and consumers to have trusted, enforceable contracts and loans in a fully digital, remote environment. With the COVID-19 pandemic driving the need for contactless social distancing, the lending engine for financial services would have collapsed without this capability and its borrowers have been able to reduce their risk. The Act allowed for business continuity despite the lack of available physical facilities.”
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