Millennium Digital Commerce Act

Authorizes parties to an interstate transaction to determine the appropriate electronic signature technologies for their transaction, and the means of implementing such technologies. Denies the legal effect of an electronic record of a contract required by law to be in writing, unless it is delivered to all parties in a form that can be: (1) retained for later reference; and (2) used to prove agreement terms. Provides exclusions. Prohibits a contract relating to a commercial transaction from being denied legal effect solely because its formation involved electronic agents (computers or other automated means). States as the specific intent of Congress that this section apply to the business of insurance.

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.

Directs each Federal agency to report to the Director of the Office of Management and Budget 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.