On March 26, NAIFA joined industry partners in a letter to Congressional leadership urging support for the inclusion of the Securing and Enabling Commerce Using Remote and Electronic Notarization Act (SECURE Notarization Act), in the legislative package from Congress intended to address the economic fallout from COVID-19. The bipartisan legislation (S. 5355, H.R. 6364) was introduced by Sens. Cramer (R-ND) and Warner (D-VA), and Reps. Reschenthaler (R-PA) and Dean (D-PA).
The legislation would allow business and consumers to utilize Remote Online Notarization (RON) laws to execute critical documents using two-way audiovisual communication. Current requirements for a signer to physically be in the presence of a Notary are antiquated and unnecessary in a time of heightened awareness and social distancing. Twenty-three states have already recognized the benefits of RON technology and passed legislation, while many more are currently considering similar proposals.
To address physical restrictions in place during the COVID-10 outbreak, this legislation would allow consumers and businesses to continue operations in certain transactions. Given the current inability of financial advisors, agents, and mortgage brokers to meet with their clients, there has been anticipation that this legislation could be fast-tracked for consideration in the next day or so, and almost certainly prior to a 4.0 relief package.