Millennium Digital Commerce Act

Millennium Digital Commerce Act - Directs the Federal Government, to the extent practicable, to observe certain principles governing the use of electronic signatures in international commercial transactions, including to: (1) remove paper-based obstacles to electronic transactions by adopting relevant principles from the Model Law on Electronic Commerce adopted in 1996 by the UN Commission on International Trade Law (UNCITRAL); (2) permit parties to a transaction to determine the appropriate authentication technologies for such transactions, with assurance that they will be recognized and enforced; (3) permit such parties to have the opportunity to prove in court that such authentication approaches and transactions are valid; and (4) take a nondiscriminatory approach to electronic signatures and authentication methods from other jurisdictions.

Declares that an interstate contract transaction shall not be denied legal effect solely because an electronic signature or electronic record was used in its formation.

Authorizes parties to an interstate transaction to establish the methods by which electronic signatures and electronic records are created, used, and are recognized as valid.

Directs each Federal agency to report to the Director of the Office of Management and Budget (OMB) and the Secretary of Commerce on any provision of law administered, or regulation issued, by it that imposes a barrier to electronic transactions. Requires the Secretary to report to Congress concerning any legislation needed or Executive or Federal agency action being taken to remove such barriers.