The Electronic Signatures Law and Its Impact on Financial Planners

McIntyre, James T.
September 2000
Journal of Financial Planning;Sep2000, Vol. 13 Issue 9, p36
Academic Journal
This article discusses the impact of the Electronic Signatures in Global and National Commerce Act on financial planners in the U.S. As people move into the age of electronic commerce, many business transactions no longer will required to be recorded in writing and verified with a signature for the transaction to be valid and enforceable. Generally speaking, where a written signature has been required, an electronic signature will suffice, and an electronic record will be an acceptable substitute for a written record. Most business transactions will able to be accomplished quickly and much more efficiently. The new law provides that, for transactions involving interstate or global commerce, any laws or regulations that require the use of signatures or written documents for a transaction cannot be used to deny the validity or legality' of the transaction merely because electronic records and electronic signatures were used. Federal and state requirements that records be retained for a specified period of time would be satisfied by retaining the records electronically.


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