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Statement by William A. Fitzgerald, chairman, ACB, on House passage of the electronic signatures conference report:

America’s Community Bankers commends the House for passing this historic measure to legally validate electronic signatures, contracts and records.

For home mortgage lenders and homebuyers, this legislation provides the legal certainty necessary to electronically process mortgage transactions and to allow consumers to receive state and federal disclosures online.

With more and more banks using the Internet to meet the growing public demand for online financial products and services, the changes in the law contained in this legislation are urgently needed.

We urge the Senate to complete the legislative process, and we commend President Clinton for agreeing to sign the measure into law.