There are therefore two ways to sign credit contracts electronically: in considering this issue, there is a significant difference between a „legally“ electronic signature, which can be used as an effective means of execution, and its actual validity when used. But even if an electronic signature is valid for the execution of a document, could there be hidden risks when using a document? The use of electronic signatures in consumer credit documentation is a critical area that we will chair today – a growing activity in the modern era of financial services. Foreign exchanges, foreign exchange notes and personal consumer mortgages are considered too entrenched in the world of physical paper for electronic execution to comply with the corresponding law. Reforms proposed by the Law Commission in 2018 of the Mortgage Act have been put on hold. As mentioned above, there may be problems when signing certain documents electronically (for example. B documents) and the use of signature technology and platform to facilitate the signature of both wet ink and electronic signatures, further reflection needs to be conducted on how the closing process is managed. It will be interesting to see how quickly the word „Finance“ encompasses the use of electronic signatures and imposes all the remaining problems, while technology evolves behind signature platforms and smart contracts. The transition to a perfect e-signing world will benefit from the cooperation and support of all stakeholders inside and outside the sector working group proposed by the Legal Committee. Section 7 of the Court of Appeal provides that an integrated electronic signature or logically linked to electronic communication or electronic data and the certification of that signature by each person is authorized as proof of the authenticity or integrity of the communication or data. Confirmations are an important part of any typical financial transaction. In the case of a union transaction.B. a law firm usually provides a letter of information for the previous (CP) to the facility officer.
In return, the facility representative will confirm to the lenders within the consortium and the parent company of the group of borrowers that the CPs have been received satisfactorily, allowing notices of use for the use of the loans to be presented. Does the use of electronic signatures have an impact on CP`s confirmation process? For example, the revision of constitutional documents and shareholder agreements of a company or a social contract may. B reveal that if a provision of this Act requires that a document be signed or initiated by a part of a credit contract, the signature or initialization may be done through the use of an advanced electronic signature within the meaning of the Electronic Communications Act, in accordance with the Electronic Communications Act. , 2002 (Law 25 of 2002); or (b) an electronic signature within the meaning of the Electronic Communications Act 2002 (Law 25 of 2002), provided that – (i) the electronic signature is applied by each party in the physical presence of the other party or a party representative; and (ii) the creditor must take appropriate measures to prevent the use of the consumer`s electronic signature for purposes other than signing or booting the particular document that the consumer wished to sign or initialize. In Mehta/Fernandes  EWHC 813 (Ch), the High Court found that a sender`s email address, automatically inserted into the head of an otherwise unsigned e-mail after transmission, could not constitute a signature for SOF`s purposes. In this article, we discussed some cross-border elements. Practitioners and parties must verify whether an electronic signature causes problems related to the validity of the contract, perfection, performance of obligations or performance on a case-by-case basis and judicial jurisdiction.