Posted by Stamper_WI on 11/20/07 9:25am
Msg #222113

Uniform Notary Law

I went on the NCCUSL site to see how they are doing with their review of the Uniform Notary law I just pasted part of their findings below you can see the entire process by going to http://www.nccusl.org/Update/CommitteeSearchResults.aspx?committee=304

I wanted you to see that our issues are being addressed. By the way The NNA submitted a letter and seems to have struck out. It was a rather self serving letter from Tim. Keep in mind this is only a portion of the report and not all states adopt this law. Go to the link above to see it all. They are by no means finished



FINAL REPORT OF THE STUDY COMMITTEE

ON REVISION OF THE LAW ON NOTARIAL ACTS

June 7, 2007 Draft







Further, industry representatives noted that the mortgage finance industry, particularly, is becoming nation-wide in scope and questions concerning notarization of real property conveyances and mortgages, amongst other records, have become hindrances to and increase the costs of transactions. Nationwide standards have been developed by the mortgage banking industry and Freddie Mac and Fannie Mae, yet local, disparate rules relating to notarization have slowed implementation of electronically-based transactions based on these standards. Michael Gordon, representing Freddie Mac, stated that they sought unification of state notarial law, noting that the notary is the only individual actually present to identify the customer. He stated that as high-dollar-amount transactions become more frequent and more widespread, the notary is central to the integrity of mortgage finance transactions. In states where notarizations are necessary for the transfer of interests in motor vehicles, local disparities also interfere with financing transactions. An overriding concern is avoiding imposition of undue or unreasonable costs on parties relying on notarial acts, i.e. avoiding ‘friction’ to transactions.

To summarize, industry desires uniform legal treatment so that it can implement nationwide processes and procedures without hindrance from purely local rules, regulators and other public officials desire uniform legal treatment so they can better understand their responsibilities and the effect of actions performed in other states, and both agree that uniform legal treatment would ease confusions which exist amongst the public, regulators and other officials and in relations with other nations.