U.S. HOUSE PASSES ELECTRONIC SIGNATURE BILL

U.S. HOUSE PASSES ELECTRONIC SIGNATURE BILL    The U.S. House Thursday approved by a 426-to-4 margin a bill that would treat electronic signatures with the same legal status as a hand-written signature.
   The bill is seen as a potential boon for e-commerce. The U.S. Commerce Department said that $5.26 billion in online sales were conducted during the first quarter of this year.
   The Electronic Signatures in Global and National Commerce Act, better known as E Sign, is believed to have strong support from key senators.
   The technology to conduct business transactions online has been available for a while. Businesses, however, have been hesitant to use the technology because there have been no federal standards.
   The bill continues compromises that address concerns for consumer protection by consumer groups and the Clinton administration.
   The standards spell out what it takes for an online contract to be considered valid. For example, consumers must first give permission to participate in an electronic transaction and consent to receive electronic records. There must also be some degree of assurance that consumers can have access to records for their consent to take effect.