Many of us have been following and anxiously awaiting a decision by the Utah Supreme Court regarding the challenge of the legal validity of electronic signature for government ballots which relied heavily on Utah’s version of the Uniform Electronic Transactions Act (UETA). I have read many differing and varying opinions from legal experts, blogs, tweeters, etc. but we can all stop speculating because the ruling on June 22, 2010 confirmed the validity of the collected eSignatures established new precedent.
What this decision does, is open the door for wider implementation of electronic signatures by government and businesses that have been slower to adopt this type of technology because of legal concerns. As stated by David K. Isom yesterday in a great blog post, Electronic Signatures Come of Age: From Elections to Commerce and Beyond, “The Utah decision resolved many of the fundamental issues presented by UETA, and resolved them in a way that energizes UETA. UETA will have a broader application in states that follow Anderson than most commentators would have predicted.”
I’m sure we’ll be seeing the positive effects of this decision. With the recent decision by the FHA to accept eSignatures on 3rd party documents and a preliminary decision by the North Carolina State Bar for the use of SaaS products as long as reasonable care” is taken to minimize risks to the “confidentiality and to the security of client information and client files, it appears that technology and products like eOriginal’s eSigantures solutions will be playing a greater role and making a wider impact on the way in which government and businesses handle their online transactions.
Wells Fargo Funding has approved eOriginal as an Authorized eSignature and eDelivery Vendor. eOriginal’s SmartSign Web can be used by brokers, real estate companies and correspondent lenders to manage borrower’s electronic disclosure statements. Using eOriginal’s eCore® platform, lenders can have borrowers electronically review, sign and return disclosure documents from the eOriginal hosted signature service or from eCore embedded within their own website. SmartSign Web® can be integrated with existing loan origination systems to automate the eDisclosure process. This ESIGN and UETA compliant delivery capability not only eliminates paper from the process, it speeds the closing cycle while eliminating costly rework and improving regulatory compliance.
BALTIMORE (October 21, 2009) eOriginal Inc., a leader in electronic signature, evaulting and electronic transaction solutions, is proud to announce its sponsorship of the Equipment Leasing & Finance Foundation’s recently released 2009 State of the Equipment Finance Industry Report, a comprehensive study identifying current industry trends and short term outlook for the U.S. Equipment Finance industry.
The study was developed using key insights gathered from conversations with equipment finance executives responding to questions on the current economic environment, credit conditions, regulatory issues, industry trends, and asset management while also combining information collected from various databases
Key Findings Included:
Capital is limited; only firms with the highest credit ratings are eligible for the Federal Reserve’s Term Asset Backed Securities Loan Facility (TALF)
Due to limited credit, banks are in the strongest position, while independent firms run the highest risk of being driven out of the industry leading to increased consolidation within the industry
2009 Survey of Industry Activity respondents reported the strongest activity in large-ticket leasing.
Charge-offs and delinquencies are up significantly from 2007 levels. While credit quality has continued to deterioratein 2008 and through the first half of 2009.
However, positive signs are showing for the second half of 2009. Stabilization in the economy is pointing towards business investments stabilizing within the equipment leasing industry. Respondents reported an optimistic outlook about returning to growth in the first half of 2010 and are confident that the fundamental offering of secured lending and equipment leasing will continue to be key vehicles for businesses to acquire new equipment.
About The Equipment Leasing & Finance Foundation
The Equipment Leasing & Finance Foundation, established in 1989 by the Equipment Leasing Association, is dedicated to providing future-oriented, in-depth, independent research about and for the equipment finance industry. Information involving the markets, the future of the industry and the methods of successful organizations are researched to provide studies that include invaluable information for developing strategic direction within your organization.
About eOriginal
eOriginal provides advanced electronic signature, vaulting and electronic transaction solutions which are tamper-sealed, auditable and legally enforceable. eOriginal SmartSign® enables compliance with the eSignature requirements of the ESIGN Act, UETA and the UCC. eOriginal has provided secure, verifiable execution, delivery and management of commercial loans, leases and other financial industry documentation for over a decade. eOriginal customers, including top-tier financial institutions, have processed millions of electronic signatures on documents without a single system error or legal challenge.
The latest release of our SmartSign Web electronic signature service and eCore® electronic vault focused on simplifying document review and signature capture. Employing electronic signatures must be easier for your customers than the paper process, and release 6 simplifies signature capture into three easy steps, while maintaining compliance with electronic signature requirements and best practices.
Simple 3-Step Electronic Signature Process
We recognize that the electronic signature process will always be compared to the paper-based wet ink signatures. That is why we focused on simplification in this release. Signers are walked through a simple three step process, including disclosure and consent, signature capture, and receiving a copy of the signed documents. At each step, SmartSign ensures compliance with the Uniform Electronic Transactions Act (UETA) and federal E-SIGN signature requirements. The signers can pull up context sensitive help at each step in the process, and the entire process can be completed in a few minutes!
Signer Identity Verification
Many organizations are struggling with new government regulations, identity theft, and multi-factor authentication. eOriginal has integrated an electronic identify verification service into the signature experience, which includes a verification against the government OFAC database (i.e. Patriot Act Compliance) and presents signers with out-of-wallet questions from permissible use public databases. The results of the identify verification are recorded in the document audit trail, and you have the option to store the questions, responses and results in an encrypted Verification Report.
Integrate Your Way!
So you want to begin now with electronic signatures, but your IT organization is overloaded with projects? Don’t want to send your customers to a third-party website to sign your documents? Have a high-volume business that does not lend itself to your employees logging into a web site to upload documents and send invitations? Want to have the signing experience branded as your own? SmartSign Web offers zero-integration deployment, embedding the Signature Room right in your website, and automated document upload and signature preparation within your document generation/origination system. Flexibility is key to a successful electronic signature implementation, and eOriginal offers you the most options in the market today.
eCore® 6 simplifies electronic signatures and provides the flexibility you need to successfully deploy a truly paperless transaction environment.
Baltimore, MD (Vocus/PRWEB) – August 6, 2009 -eOriginal, Inc., a leader in enabling end-to-end paperless transactions, announced today that Pioneer Services, the Military Banking Division of MidCountry Bank, has joined eOriginal’s high-level financial institution client list and is using the electronic signature and vaulting solution of SmartSign® Web and eCore® On Demand. Transactions for Pioneer Services will now be executed electronically and managed throughout their lifecycle within the eCore® electronic vault.
“eOriginal’s electronic signature solutions go beyond document generation and basic electronic signatures” said, Samantha Moritz, eOriginal’s director of sales and marketing. “In addition to electronically signing each loan transaction, eOriginal ensures that each signed document is authenticated and protected using digital signatures to create tamper-evident seals around all documents placed under the control of the electronic vault. Important documents may be maintained in an authenticated electronic format for their full legal life.”
Once the contracts are electronically signed, eOriginal’s vaulting technology creates a digitally sealed audit trail for the complete lifecycle of each deposited document. This secure audit trail provides the highest level of non-repudiation of the evidentiary record for events such as access, signing, reuse, print, or view requests by any user or external system. Actions affecting admissibility or enforceability including new versions, additional electronic signatures, assignment, and custody transfers – are tracked and permanently recorded in the audit trail.
The resulting document is a legal, tamper-proof eContract that eliminates the need for any physical paper processing. The eContracts are true electronic finance documents that are tamper-evident, auditable, legally enforceable, admissible, and negotiable. eOriginal electronic signature and vaulting solutions are also compliant with ESIGN, UETA and UCC Revised Article 9-105.
For additional information on the news that is the subject of this release (or for a demonstration), contact John Jacobs at 410-625-5149, or visit www.eoriginal.com.
About eOriginal
eOriginal, Inc. provides advanced electronic signature and vaulting solutions which enable organizations to eliminate paper while legally protecting their assets as Electronic Original® documents are managed and transitioned throughout their lifecycle. eOriginal technology and processes create legally binding electronic signatures and electronic documents that are tamper-evident, auditable and legally enforceable. eOriginal technology provides compliance for managing electronic signatures and transferable records under E-Sign, UETA and the UCC. eOriginal customers, including top-tier financial institutions, have processed more than 5 million electronic signatures on documents without a single system error or legal challenge.
About Pioneer Services
Pioneer Services, the Military Banking Division of MidCountry Bank, provides financial services and award-winning education to members of the Armed Forces. For more than 20 years, Pioneer Services has been a leader in military lending, offering military loans and award-winning financial education programs through a network of offices and on the Internet. Pioneer Services is proud to support military families and communities through a variety of partnerships, programs, and sponsorships. For more information, visit PioneerServices.com.
Nissan Motor Acceptance Corporation (NMAC), including its Infiniti Financial Services (IFS) division, is the automotive... Read Our Featured Success Stories ›
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