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(11) SELF-REGULATORY ORGANIZATION.—The term “self-regulatory organization" means an organization or entity that is not a Federal regulatory agency or a State, but that is under the supervision of a Federal regulatory agency and is authorized under Federal law to adopt and administer rules applicable to its members that are enforced by such organization or entity, by a Federal regulatory agency, or by another self-regulatory organization.
(12) STATE. The term "State" includes the District of Columbia and the territories and possessions of the United States.
(13) TRANSACTION.-The term "transaction" means an action or set of actions relating to the conduct of business, consumer, or commercial affairs between two or more persons, including any of the following types of conduct—
(A) the sale, lease, exchange, licensing, or other disposition of (i) personal property, including goods and intangibles, (ii) services, and (iii) any combination thereof; and
(B) the sale, lease, exchange, or other disposition of any interest in real property, or any combination thereof. SEC. 107. [15 U.S.C. 7001, note] EFFECTIVE DATE.
(a) IN GENERAL.-Except as provided in subsection (b), this title shall be effective on October 1, 2000.
(1) RECORD RETENTION.
(A) IN GENERAL.-Subject to subparagraph (B), this title shall be effective on March 1, 2001, with respect to a requirement that a record be retained imposed by
(i) a Federal statute, regulation, or other rule of law, or
(ii) a State statute, regulation, or other rule of law administered or promulgated by a State regulatory agency.
(B) DELAYED EFFECT FOR PENDING RULEMAKINGS.—If on March 1, 2001, a Federal regulatory agency or State regulatory agency has announced, proposed, or initiated, but not completed, a rulemaking proceeding to prescribe a regulation under section 104(b)(3) with respect to a requirement described in subparagraph (A), this title shall be effective on June 1, 2001, with respect to such require
(2) CERTAIN GUARANTEED AND INSURED LOANS.-With regard to any transaction involving a loan guarantee or loan guarantee commitment (as those terms are defined in section 502 of the Federal Credit Reform Act of 1990), or involving a program listed in the Federal Credit Supplement, Budget of the United States, FY 2001, this title applies only to such transactions entered into, and to any loan or mortgage made, insured, or guaranteed by the United States Government thereunder, on and after one year after the date of enactment of this Act.
(3) STUDENT LOANS.-With respect to any records that are provided or made available to a consumer pursuant to an
application for a loan, or a loan made, pursuant to title IV of the Higher Education Act of 1965, section 101(c) of this Act shall not apply until the earlier of—
(A) such time as the Secretary of Education publishes revised promissory notes under section 432(m) of the Higher Education Act of 1965; or
(B) one year after the date of enactment of this Act.
TITLE II-TRANSFERABLE RECORDS
SEC. 201. [15 U.S.C. 7021] TRANSFERABLE RECORDS.
record" means an electronic record that—
(A) would be a note under Article 3 of the Uniform Commercial Code if the electronic record were in writing; (B) the issuer of the electronic record expressly has agreed is a transferable record; and
(C) relates to a loan secured by real property.
A transferable record may be executed using an electronic signature.
(2) OTHER DEFINITIONS.—The terms "electronic record", "electronic signature", and "person" have the same meanings provided in section 106 of this Act.
(b) CONTROL.-A person has control of a transferable record if a system employed for evidencing the transfer of interests in the transferable record reliably establishes that person as the person to which the transferable record was issued or transferred.
(c) CONDITIONS.—A system satisfies subsection (b), and a person is deemed to have control of a transferable record, if the transferable record is created, stored, and assigned in such a manner that
(1) a single authoritative copy of the transferable record exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
(2) the authoritative copy identifies the person asserting control as
(A) the person to which the transferable record was issued; or
(B) if the authoritative copy indicates that the transferable record has been transferred, the person to which the transferable record was most recently transferred; (3) the authoritative copy is communicated to and maintained by the person asserting control or its designated custodian:
(4) copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the consent of the person asserting control;
(5) each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and
(6) any revision of the authoritative copy is readily identifiable as authorized or unauthorized.
(d) STATUS AS HOLDER.-Except as otherwise agreed, a person having control of a transferable record is the holder, as defined in section 1-201(20) of the Uniform Commercial Code, of the transferable record and has the same rights and defenses as a holder of an equivalent record or writing under the Uniform Commercial Code, including, if the applicable statutory requirements under section 3-302(a), 9-308, or revised section 9-330 of the Uniform Commercial Code are satisfied, the rights and defenses of a holder in due course or a purchaser, respectively. Delivery, possession, and endorsement are not required to obtain or exercise any of the rights under this subsection.
(e) OBLIGOR RIGHTS.-Except as otherwise agreed, an obligor under a transferable record has the same rights and defenses as an equivalent obligor under equivalent records or writings under the Uniform Commercial Code.
(f) PROOF OF CONTROL.-If requested by a person against which enforcement is sought, the person seeking to enforce the transferable record shall provide reasonable proof that the person is in control of the transferable record. Proof may include access to the authoritative copy of the transferable record and related business records sufficient to review the terms of the transferable record and to establish the identity of the person having control of the transferable record.
(g) UCC REFERENCES. For purposes of this subsection, all references to the Uniform Commercial Code are to the Uniform Commercial Code as in effect in the jurisdiction the law of which governs the transferable record.
SEC. 202. [15 U.S.C. 7021 note] EFFECTIVE DATE.
This title shall be effective 90 days after the date of enactment of this Act.
NATIONAL ELECTRONIC COMMERCE
SEC. 301. [15 U.S.C. 7031] PRINCIPLES GOVERNING THE USE OF ELECTRONIC SIGNATURES IN INTERNATIONAL TRANSACTIONS.
(a) PROMOTION OF ELECTRONIC SIGNATURES.
(1) REQUIRED ACTIONS.-The Secretary of Commerce shall promote the acceptance and use, on an international basis, of electronic signatures in accordance with the principles specified in paragraph (2) and in a manner consistent with section 101 of this Act. The Secretary of Commerce shall take all actions necessary in a manner consistent with such principles to eliminate or reduce, to the maximum extent possible, the impediments to commerce in electronic signatures, for the purpose of facilitating the development of interstate and foreign
(2) PRINCIPLES.-The principles specified in this paragraph are the following:
(A) Remove paper-based obstacles to electronic transactions by adopting relevant principles from the Model Law on Electronic Commerce adopted in 1996 by the United Nations Commission on International Trade Law.
(B) Permit parties to a transaction to determine the appropriate authentication technologies and implementation models for their transactions, with assurance that those technologies and implementation models will be recognized and enforced.
(C) Permit parties to a transaction to have the opportunity to prove in court or other proceedings that their authentication approaches and their transactions are valid.
(D) Take a nondiscriminatory approach to electronic signatures and authentication methods from other jurisdictions.
(b) CONSULTATION.-In conducting the activities required by this section, the Secretary shall consult with users and providers of electronic signature products and services and other interested persons.
(c) DEFINITIONS.-As used in this section, the terms "electronic record" and "electronic signature" have the same meanings provided in section 106 of this Act.
TITLE IV-COMMISSION ON ONLINE
SEC. 401. AUTHORITY TO ACCEPT GIFTS.
[Section 401 amended section 1405 of the Child Online Protection Act (47 U.S.C. 231 note). See footnote to section 231 of the Communications Act of 1934.]