Electronic Signature Legislation to Streamline Business Processes and Enable `Complete' E-Commerce; eOriginal Commends House of Representatives.Business Editors/Hi-Tech Writers BALTIMORE--(BUSINESS WIRE)--June 16, 2000 eOriginal, the pioneering creator of Electronic Original(TM) documents and source records, commends the House of Representatives for its tremendous efforts to enact legislation to legally recognize digital signatures. eOriginal believes the new federal legislation will have a significant impact on minimizing costly paper-based processes that have inhibited true end-to-end e-commerce for a range of industries. The Electronic Signatures in Global and National Commerce Act The Electronic Signatures in Global and National Commerce Act (ESIGN, Pub.L. 106-229, 14 Stat. 464, enacted 2000-06-30, ) is a United States federal law passed by the U.S. , or E-SIGN, passed yesterday by an overwhelming bipartisan majority in the House of Representatives. "Congress has cleared the way for true e-commerce," said eOriginal CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael Jordan This article is about the former basketball player. For other uses, see Michael Jordan (disambiguation). Michael Jeffrey Jordan (born February 17 1963) is a retired American professional basketball player. . "The potential savings for a broad range of industries - both in time and money - is enormous." "While electronic processes have been widely implemented in many industries, there has remained a fundamental block to full and complete e-commerce solutions," said Stephen Bisbee, President, eOriginal. "Wherever a business process has required a unique, original, and legally binding document, electronic processes have had to revert back to paper originals for 'blue-ink' signatures," he explained. "The passage of this Federal legislation, like the Uniform Electronic Transactions Act The Uniform Electronic Transactions Act (UETA) is one of the several United States Uniform Acts proposed by the National Conference of Commissioners on Uniform State Laws (NCCUSL). Since then 46 States, the District of Columbia, and the U.S. legislation being passed at the state level, will allow digital signature technologies to be used along with the eOriginal process, to deliver faster business 'cycle time' and significant cost savings through creation and management of all-electronic original documents." Based in Baltimore, eOriginal played an active role in supporting the requirements for the legislation, with an emphasis on ensuring support of open standards Specifications for hardware and software that are developed by a standards organization or a consortium involved in supporting a standard. Available to the public for developing compliant products, open standards imply "open systems;" that an existing component in a system can be replaced that will embrace a wide range of technical solutions. eOriginal's patented process defines and ensures adherence to specific criteria for the creation, transfer, sale and storage of original and source documents, such as those used in the real estate, mortgage, healthcare, financial services and international trade industries. Using the company's process, businesses and individuals can create, read, transfer, sell and store documents, but cannot change them, creating true Electronic Originals(TM). Last year, eOriginal completed a mortgage proof of concept program in Broward County, Florida Broward County is a county located in the U.S. state of Florida. As of 2000, the population is 1,623,018; this makes it the second most populated county in the state. According to 2006 U.S. Census estimates, its population had grown to 1,787,636 [1]. , producing the first ever fully electronic mortgage - resulting in a savings of $750 per originated loan and reducing the mortgage cycle from 45 days to 5 hours. With the UETA UETA Uniform Electronic Transactions Act enactment in Florida, eOriginal, with its partners Mortgage.com (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MDCM MDCM School of Media and Communications (School at University of New South Wales, Australia) MDCM Medicinae Doctorem et Chirurgiae Magistrum (Latin: Doctor of Medicine and Master of Surgery) ), e-cloz.com, Attorneys' Title Insurance Fund, Broward County Records Division, an Agency of the Board of Broward County Commissioners, and others, will enable electronic mortgage production, without paper documentation, in Florida this July. The company also has been conducting fully electronic pilot programs for equipment leasing and international bills of lading, streamlining business processes, lowering the cost of original document management and reducing time-to-market and the associated financing risk. About eOriginal eOriginal has created a patented process that allows companies to originate, create, execute and store Electronic OriginalTM documents, and then be able to retrieve, view, transfer ownership of, or destroy those records - all electronically. eOriginal currently offers the only process that fulfills all the emerging legal requirements for documenting and controlling original negotiable documents, such as stock certificates, promissory notes, chattel paper A writing or writings that evidence both a monetary obligation and a security interest in or a lease of specific goods. In many instances chattel paper will consist of a negotiable instrument coupled with a security agreement. and bills of lading, as well as critical source records such as deeds, medical patient files, aircraft maintenance logs and pharmaceutical clinical trial records. The company allows the use of a range of digital signature technologies and public key cryptography An encryption method that uses a two-part key: a public key and a private key. To send an encrypted message to someone, you use the recipient's public key, which can be sent to you via regular e-mail or made available on any public Web site or venue. within its process. eOriginal is headquartered at The Warehouse at Camden Yards in Baltimore, Maryland. For more information, visit www.eOriginal.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion