Which act allows electronic signatures to be used in place of traditional signatures?

The Electronic Signatures in Global and National Commerce Act (ESIGN Act) is the legislation that explicitly permits the use of electronic signatures in lieu of traditional handwritten signatures. This act, enacted in 2000, establishes the legal validity of electronic signatures, ensuring that they carry the same weight as physical signatures in transactions and contracts. This framework is essential for fostering electronic commerce and streamlining various business processes, as it allows individuals and organizations to engage in transactions without needing to print, sign, and return physical documents.

The other options, while significant in their respective realms, do not relate specifically to the legality of electronic signatures. For instance, the Gramm-Leach-Bliley Act focuses on financial privacy and consumer protection regarding personal financial information; Regulation Z pertains to truth-in-lending disclosures; and the Bank Secrecy Act deals with anti-money laundering measures. None of these acts directly address or authorize the use of electronic signatures in transactions. Thus, the correct choice highlights the specific legislation that supports digital interactions and the acceptance of electronic signatures in commerce.