New Jersey and Oklahoma Regulatory Update

January 21, 2020

The New Jersey Department of Banking has updated their definition of a high cost loan.  The Oklahoma Secretary of State has issued rules implementing the Oklahoma Remote Online Notary Act (“Act”).  Both provisions discussed here were effective January 1, 2020.




The New Jersey Department of Banking and Insurance (“Department”) issued a bulletin updating the definition of a high cost home loan.  The Department has issued a bulletin increasing the maximum principal amount that will result in a loan being considered a high cost home loan to $506,059.40 (formerly $498,610).  This update is effective for all completed applications on loans subject to the New Jersey Home Ownership Security Act and received by the lender on or after January 1, 2020.




A notary public may perform remote online notarizations if the notary public has registered with the Oklahoma Secretary of State in the manner prescribed. 


A notary public must use the same unique electronic seal for all remote online notarizations.  When affixed to an electronic record, an electronic seal must include the notary public’s name exactly as indicated on the notary’s commission, the words “State of Oklahoma” and “Notary Public,” the notary public’s commission number, and the date of expiration and be clear, legible and photographically reproducible.


If a notary public does not have satisfactory evidence of the identity of a principal, the notary public must reasonably verify the identity through a multi-factor authentication procedure as provided in the rule. 


The certificate of notarial act for a remote online notarization must indicate that the notarial act was a remote online notarial act performed by means of communication technology.  A form of certificate for a remote online notarization satisfies the above requirement if it is in the form provided by applicable law and contains a statement substantially as follows: “This remote online notarization involved the use of communication technology.”


A notary public must retain an electronic journal and an audio-visual recording of remote online notarial acts for at least 10 years.



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Expert insights and regulatory updates on RegTech, compliance management, and fair lending.

Diane Jenkins

Director, National Mortgage Compliance Practice Group, AsurityDocs Of Counsel, Sandler Law Group

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