Signing of contracts concerning banking services by means of the simple electronic signature

Article 4 of Law Decree no. 23 of April 8, 2020 (the so-called "Liquidity Decree") introduces an important though temporary, innovation in terms of simplifying the procedures, for retail customers, for executing contracts concerning banking and payment services, loan agreements, and consumer credit agreements.

According to the Decree, during the COVID-19 emergency period (i.e., until July 31, 2020) such contracts shall comply with the requirements regarding written form and shall have the evidentiary value referred to in Article 2702 of the Italian Civil Code if executed - not only by means of an advanced, qualified or digital electronic signature as provided for by Article 20, par. 1-bis of the Digital Administration Code, but also - by means of the so-called simple electronic signature. In other words, the customer may expresses his/her consent by sending an ordinary email or through "other appropriate means", provided that the exchange of consents is accompanied by a copy of an I.D. of the customer and refers to a specific identifiable contract and the whole process is stored in such a way as to guarantee its security, integrity and it cannot be altered.

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