Fidelity has established a information phone line. The Electronic Signatures in Global and National Commerce Act, which passed by a vote of 426 to 4, was hailed by backers as one of the most significant pieces of high-tech legislation of this legislative session. Key senators have agreed to identical language, and lawmakers said the other chamber should follow suit. The Clinton administration and consumer groups had fought provisions in earlier versions of the bill that they said would undermine consumer protections. Under previous drafts, for instance, a mortgage company might be able to notify a homeowner of eviction by e-mail, with no assurance that the consumer could even receive or read the notice.
Any individual can also opt out of signing an electronic contract.
The Clinton administration supports the compromise measure, and the president said he looks forward to signing the bill. But businesses have been reluctant to commit to online transactions wholeheartedly, despite the clear cost savings involved in clicking on the dotted line instead of signing. In the absence of federal standards, states have been enacting electronic-signatures legislation of their own, creating a chaotic patchwork that threatens to hinder progress. The new federal legislation would set up standards that must be met for an online contract to be considered valid. Under the bill, for instance, consumers must first agree to participate in an electronic interaction and affirmatively consent to receive electronic records.