Senate Committee to Mark Up E-SIGN Modernization Bill Tomorrow

The Senate Commerce Committee is expected to markup a number of bills during a hearing tomorrow, including S. 4159, the E-SIGN Modernization Act, which was introduced this past summer by a trio of Republicans.

The bill, which would make it easier for individuals to consent to receiving certain electronic documents, like account information and contracts, is one of seven bills being worked on by the committee during its scheduled executive session tomorrow. The session can be viewed online by clicking here.

The E-SIGN Act became law in 2000 and requires consumers reasonably demonstrate they can access documents electronically before they can receive an electronic version of a document. In seeking to modernize the law, the three Senators — Sen. John Thune [R-S.D.], Sen. Jerry Moran [R-Kan.], and Sen. Sen. Todd Young [R-Ind.]. — are proposing that consumers be allowed to receive documents electronically once they provide certain disclosures.

When it was introduced, ACA International “strongly” supported the bill, according to comments from Mark Neeb, the association’s chief executive. CUNA, the association representing credit unions, has also voiced its support for the bill.

“The E-Sign Modernization Act of 2020 is a strong step toward balancing community health with financial well-being,” said Jim Nussle, CUNA’s president and chief executive, in a statement. “Enhancing consumer access to online services will ensure that consumers and the financial first responders meeting their pecuniary needs remain safe in our current operating environment.”

As well, all 51 state banking associations have endorsed the bill and urged Congress to pass it, especially because it will help banks and consumers during the coronavirus pandemic.

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