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Federal E-Signature Law Protects Agents, Brokers.

The new federal electronic signature law, which went into effect Oct. 1, protects brokers and agents from being liable for using electronic signatures, said Thomas O. Wells, founder and chief executive officer of b4bpartner Inc.

Agents and brokers were concerned that they could be held responsible for problems resulting from electronic signature usage, Wells said. But the law includes a provision that states agents and brokers can't be held liable for any deficiency in the electronic signature or record process if the agent or broker hasn't engaged in intentional misconduct and didn't help develop the electronic signature process.

The new law gives electronic signatures the same validity as wet ink signatures and gives electronic signatures the same legal effect as hard-copy paper records, Wells said.

"For the first time, a fax is the same as a paper record," he said.
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Title Annotation:digital signatures
Comment:Federal E-Signature Law Protects Agents, Brokers.(digital signatures)
Author:Green, Meg
Publication:Best's Review
Article Type:Brief Article
Geographic Code:1USA
Date:Dec 1, 2000
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