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SPeRS 2.0 RELEASED
Updated Resource
Provides Companies with a
Guide for
Implementing Electronic Transactions
Washington, D.C. (November 29,
2011) – The Standards and Procedures for Electronic Records and Signatures
version 2.0 was unveiled at the Annual Meeting of the Electronic
Signatures and Records Association (ESRA) in Washington, D.C., earlier this
month. This new version of SPeRS
(SPeRS 2.0) reflects current e-commerce
business practices and updates applicable electronic record and signature
case law and federal regulatory developments since SPeRS
was originally published in 2003. The update also examines nationwide
developments in the evolving area of electronic notarization laws.
SPeRS is a
technology-neutral set of guidelines and strategies for
industry use in designing and implementing systems for electronic
transactions under the federal Electronic Signatures in Global and
National Commerce Act (ESIGN) and state adoptions of the Uniform
Electronic Transactions Act (UETA).
SPeRS 2.0 updates the groundbreaking
guidance contained in SPeRS 1.0, developed by a
broad cross-section of leading financial service companies and trade
associations (list of participants: www.spers.org).
John Taggart, Chair of the SPeRS Drafting Committee, said, “This resource
gives design teams, vendors, and business users a common base upon which
to build electronic platforms and documents. At the same time, it will provide
consumers and other users with a ‘common experience’ across
many online transactions. It will increase user comfort with electronic
records and signatures.”
SPeRS has been adopted
by the Mortgage Bankers Association (MBA),
the Mortgage Industry Standards Maintenance Organization (MISMO),
the Insured Retirement Institute (IRI), and by the American National Standards
Institute (ANSI)
as a technical standard approved by ANSI’s Accredited Standards
Committee, X9: ANS X9.103-2004 (Motor Vehicle Retail Sale and Lease
Electronic Contracting).
Margo Tank, a partner at the law firm of BuckleySandler
LLP, and who serves as Co-Reporter for the SPeRS,
commented that, “The release of SPeRS 2.0
is very timely as companies race to deploy technology to remain viable in
a competitive marketplace. SPeRS remains the
‘must-have’ resource for companies implementing electronic
transactions.”
SPeRS is available for
purchase via Laura Schoen at +1-202-349-8067.
About
ESRA (www.esignrecords.org):
The Electronic Signature and
Records Association (ESRA) mission is to be a centralized educational
resource for its members and the public with respect to legal, regulatory
and operational issues related to the use and acceptance of electronic
signatures and records.
About BuckleySandler LLP (www.buckleysandler.com):
With over
150 lawyers in Washington, DC, Los Angeles, and New York, BuckleySandler provides best-in-class legal counsel
to meet the challenges of its financial services industry and other
corporate and individual clients across the full-range of government
enforcement actions, complex and class action litigation, and
transactional, regulatory, and public policy issues. The Firm represents
many of the nation's leading financial services institutions. "The
best at what they do in the country." (Chambers USA).
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