House Journal: Page 1661: Thursday, April 20, 2000
6 "(___) An electronic transaction initiated at a
7 satellite terminal, as defined in section 527.2, or
8 the processing and routing of transaction data by a
9 central routing unit or a data processing center, each
10 as defined in section 527.2."
11 3. Page 5, line 6, by striking the figure
12 "554.2106" and inserting the following: "554.1206".
13 4. Page 5, by striking lines 14 through 28 and
14 inserting the following:
15 "4. A choice of law provision, which is contained
16 in a computer information agreement that governs a
17 transaction subject to this chapter, that provides
18 that the contract is to be interpreted pursuant to the
19 laws of a state that has enacted the uniform computer
20 information transactions Act, as proposed by the
21 national conference of commissioners on uniform state
22 laws, or any substantially similar law, is voidable
23 and the agreement shall be interpreted pursuant to the
24 laws of this state if the party against whom
25 enforcement of the choice of law provision is sought
26 is a resident of this state or has its principal place
27 of business located in this state. For purposes of
28 this subsection, a "computer information agreement"
29 means an agreement that would be governed by the
30 uniform computer information transactions Act or
31 substantially similar law as enacted in the state
32 specified in the choice of laws provision if that
33 state's law were applied to the agreement."
34 5. Page 7, by inserting after line 9 the
35 following:
36 "Sec. ___. NEW SECTION. 554D.108A LEGAL
37 RECOGNITION OF ELECTRONIC RECORDS AFFECTING INTERESTS
38 IN REAL PROPERTY.
39 An electronic record that grants a legal or
40 equitable interest in real property, including a deed,
41 mortgage, deed of trust, pledge, security interest, or
42 other lien or encumbrance, and any disclosure required
43 under chapter 558A shall comply with all of the
44 following:
45 1. Be created using a security procedure and
46 signed by use of a digital signature.
47 2. Shall not be recorded or have effect against
48 third parties until a duplicate paper original of the
49 electronic record is executed in writing by the
50 parties, acknowledged, and recorded. The burden of
Page 2
1 proof that the duplicate paper original of the
2 electronic record is identical to the original
3 electronic record rests upon the party submitting the
4 duplicate paper original.
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League of Women Voters of Iowa
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