Celebrating The Electronic Signature Act
June 26, 2000
Title Agents Happy As Digital Signatures Move To Law
Inman News Features
The American Land Title Association believes its lobbying efforts in favor of the electronic signature bill contributed to the bill?s success in the Legislature last week.
ALTA, an industry group representing title agents, says that it was among the groups who originally lobbied to introduce the bill?s proposal to allow digital signatures to be considered valid and enforceable with interstate contracts.
The bill, expected to be signed into law shortly by the President, includes a provision specifically stating that records authorized with a digital signature include "loan(s) secured by real property."
"This legislation is important to facilitate the industry's ability to reach the next level of efficiency in delivery of real estate settlement services," Charles H. Foster, Jr., president of ALTA, said.
ALTA also notes that bill allows electronic signatures to be considered valid notarization.
Pending final approval, the legislation will become effective Oct. 1, when ALTA said conventional mortgages can first be completed electronically.
ALTA represents title insurance companies and their agencies nationwide on a variety of industry and legislative issues. Members of the association search and insure land titles to protect real estate investors including homebuyers and mortgage lenders.
Inman News Features
Contact ALTA at 202-296-3671 or communications@alta.org.