Summary: H.R.3472 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for H.R.3472. Bill summaries are authored by CRS.

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Introduced in House (03/17/1998)

Digital Signature and Electronic Authentication Law (SEAL) of 1998 - Amends the Bank Protection Act of 1968 to authorize a financial institution to use electronic authentication in business transactions if it has entered into an agreement to do so with a counterparty, or has established a banking, financial or transactional system using electronic authentication.

Empowers the appropriate Federal or State bank supervisor to preclude the use of electronic authentication if it determines that such use is inconsistent with or threatens the safety and soundness of the institution.

Prohibits a State government, agency, or instrumentality from acting as digital certification authority or to impose imposing fees with respect to electronic authentication services.

Requires the Board of Governors of the Federal Reserve System to report to the Congress on the use of electronic authentication, including certain considerations regarding consumer protections, and the international use of electronic authentication by financial institutions.