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Session 52

Session 52. E-Signature: Implications of the E-SIGN Legislation for Student Aid. 1. Legality of Electronic Transactions. 2. What are the laws that affect e-transactions?. Government Paperwork Elimination Act (GPEA) & Electronic Signatures in Global and National Commerce Act (E-SIGN).

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Session 52

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  1. Session 52 E-Signature: Implications of the E-SIGN Legislation for Student Aid Session 52- 1

  2. Legality of Electronic Transactions Session 52- 2

  3. What are the laws that affect e-transactions? Government Paperwork Elimination Act (GPEA) & Electronic Signatures in Global and National Commerce Act (E-SIGN) Session 52-

  4. GPEA • To promote e-commerce by the Federal Government • Electronic records have legal effect, validity, and enforceability • Agencies to allow electronic transactions and maintenance of electronic records, when practicable • Applies to any transaction with a PRA number Session 52-

  5. E-Sign Legislation • To promote e-commerce in private sector • Legal equivalence between paper and electronic documents for binding transactions • Applies to private sector SFA transactions regulated by Federal and State government • Government to specify standards to ensure accuracy, integrity, and accessibility of records • Requires consent and protection of [student] consumer in electronic context Session 52-

  6. Legislative Compliance Timeline E-SIGN GPEA Signed 10/21/98 Signed 06/30/00 Generally Effective 10/01/00 Record retention requirements 3/1/01, or 6/01/01 if there is a pending rulemaking ED Effective 06/30/01 for FFEL, Perkins and DL Effective 10/21/03 Session 52-

  7. Legal and Policy Standards Session 52- 7

  8. Legal and Policy Standards • Standards for E-Signature • Digitized Signature • Digital Certificate • Digital Document • Note • Identifiers • Personal Identification Number (PIN) • Other Data • Retention and Retrieval of Records • Submission of Records to ED Session 52-

  9. Business Process Workflows Session 52- 9

  10. Returns Batch File Match Results to CPS PIN Generation and Issuance 3 FAFSA Processor (CPS) Federal Databases Customer 2 1 Logs on to Website & Requests PIN Creates Batch File - or - If Match = Yes 4 Completes FAFSA & Submits to CPS PIN Database Generates PIN & Mails to Customer 5 Session 52-

  11. Promissory Note Signing A PIN Database 3 Lender System Lender Website School 1 2 Submits Loan Record e-MPN File School prompts borrower to sign e-MPN 4 Borrower 5 Signs e-MPN Session 52-

  12. Authentication Gateway A U T H E N T I C A T I O N G A T E W A Y SFA Web Portals (Students, Schools & Financial Partners Websites) PIN Database FAFSA O-T-W DL Origination PIN Website User Access History Database Customer DL Consolidation Certificate Authorities DL Servicing USPS VeriSign etc. NSLDS FFEL Prom Note Signing Session 52-

  13. Database Matches FAFSA PIN E-DOC Origination/ Certification School Data E-MPN Session 52-

  14. E-MPN Database Matches FAFSA E-Record PIN • Promise to Pay • Disclosures • References • Entrance Counseling E-DOC • -SSN • DOB Origination/ Certification School Data • Grade Level • Loan Amount • Loan Period Session 52-

  15. Questions and Answers? Visit SFA’s Electronic Identification website at: EXTRANET.SFA.ED.GOV/CIO You will be prompted for a username and password once you click on the Electronic Identification hotlink. The username is USERNAME. The password is PASSWORD. This site will give you: 1) a listing of questions and answers from the three EAC conferences 2) the presentation slides given at the EAC on Electronic Signatures 3) the ability to send questions and comments to SFA 4) a calendar of upcoming events in relation to e-signatures Session 52-

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