The reintroduction of the Securing and Enabling Commerce Using Remote and Electronic (“SECURE”) Notarization Act in the U.S. Senate advances efforts to establish nationwide remote online notarization (“RON”) standards. The SECURE Notarization Act would establish minimum nationwide standards for electronic and remote notarizations while allowing states flexibility to supplement with additional requirements.
The mortgage industry supports nationwide RON standards, understanding the benefit to borrowers in making mortgage transactions easier and more accessible. “The SECURE Notarization Act is essential to support new homeowners’ access to critical documents in a safe and consistent manner and would help apply a measure of transactional freedom to the flow of essential real estate closing activities,” said Bill Killmer, Senior Vice President of Legislative and Political Affairs at the Mortgage Bankers Association.
The legislation, which passed the House of Representatives in February, was reintroduced in the Senate in April. To read the senate bill in its entirety, please visit SECURE Notarization Act.