[Code of Federal Regulations]
[Title 12, Volume 6]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR609.920]

[Page 50]
 
                       TITLE 12--BANKS AND BANKING
 
                 CHAPTER VI--FARM CREDIT ADMINISTRATION
 
PART 609_ELECTRONIC COMMERCE--Table of Contents
 
                Subpart B_Interpretations and Definitions
 
Sec. 609.920  Interpretations.


    (a) E-SIGN preempts most statutes and regulations, including the Act 
and its implementing regulations that require paper copies and 
handwritten signatures in business, consumer, or commercial 
transactions. E-SIGN requires that statutes and regulations be 
interpreted to allow E-commerce as long as the safeguards of E-SIGN are 
met and its exceptions recognized. Generally, an electronic record or 
signature satisfies any provision of the Act or its implementing 
regulations that require such records and signatures to be written, 
signed, or in paper form.
    (b) System institutions may interpret the Act and its implementing 
regulations broadly to allow electronic transmissions, communications, 
records, and submissions, as provided by E-SIGN. This means that the 
terms address, copy, distribute, document, file, mail, notice, notify, 
record, provide, send, signature, sent, written, writing, and similar 
words generally should be interpreted to permit electronic 
transmissions, communications, records, and submissions in business, 
consumer, or commercial transactions.