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The ESIGN Act is a U.S. federal law that grants electronic signatures the same legal standing as traditional handwritten signatures, thus allowing electronic documents to be signed and executed online.
Entities that engage in electronic transactions and wish to utilize electronic signatures and records must comply with the ESIGN Act, although specific filing forms may depend on the type of transaction or document.
To fill out the forms under the ESIGN Act, entities should ensure that their electronic signature processes meet the requirements set forth in the Act, including providing clear consent, using secure methods for signature collection, and maintaining proper records.
The purpose of the ESIGN Act is to facilitate and encourage the use of electronic records and signatures in commerce, making transactions more efficient and reducing reliance on paper-based processes.
The information that must be reported generally includes details about the transaction, the parties involved, the method of signature collection, and consent documentation to ensure compliance with the Act.
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