Posted by Ilene C. Seidel on 6/13/10 2:41pm
Msg #340756

New Maryland Law Effective July 1

Maryland Closers read bill HB1470 it was passed and effective July 1st. No notary public's without a license can close loans in Maryland anymore. I suggest you send a copy of this bill to all your signing companies and title companies. It will be crutial to recording the DOT.

Reply by BrendaTx on 6/13/10 2:51pm
Msg #340757

Wow...isn't that what the lawmakers meant to happen

years ago?

Reply by Ilene C. Seidel on 6/13/10 3:03pm
Msg #340759

Not to my knowledge this was a result of the Commissioners committe headed by a state Senator Kelly they listened to our testomonies and thank goodness.

Reply by hp/MD on 6/13/10 5:59pm
Msg #340774

Ilene,
do you think we can get more for the signings in MD. By time some of the unlicensed notaries catch up, it will take 6 month to a year.

Reply by Ilene C. Seidel on 6/13/10 7:50pm
Msg #340787

Would be nice huh? Depends on what you are currently charging. Be careful overcharging can bite you in the a-s when the notaries catch up.

Reply by Marv/CA on 6/13/10 6:25pm
Msg #340776

You can basically be a notary without a license...until the new law kicks in correct?

Reply by Prosperity on 6/13/10 6:34pm
Msg #340778

Only if you do it illegally

Marv,
The License has been a requirement for some years, but people basically ignored the law. Poor paying companies would use these people since there was no check and balance. The result for us legitimate signers was being skipped over or having to haggle for our fees. I am soooo glad this new law goes into effect. I suspect that once a company gets a DOT rejected, they'll quickly begin to comply.

Reply by Ilene C. Seidel on 6/13/10 7:52pm
Msg #340788

Not a chance. There was a law passed 2002 stating no notary public can close a mortgage loan without a TPL. If you've been closing loans without a license and there is a title issue it can cause the mtg or borrower problems cause the loan wasn't closed by a licensed agent. That may fall back in your lap.

Reply by MW/VA on 6/13/10 6:36pm
Msg #340779

If I understand this correctly it doesn't affect all notaries, only those who act as NSA's.
To do loan signings you were required to have a TPL, bond, etc.--correct?

Reply by Ilene C. Seidel on 6/13/10 7:53pm
Msg #340789

If you are doing general notary work you don't need TPL.

Reply by Maureen_nh on 6/13/10 10:49pm
Msg #340793

Irene, I am really confused.
A close friend of mine in MD lost her business because she had fallen behind in her bills and her credit rating went into the tank.
She was not able to get her TPL because of this.
Do you mean to say that people that didn't get their TPLs and didn't pay the fee and get training and gone through credit checks etc. have been sighing loans in MD How did they get around it?

Reply by Lee/AR on 6/14/10 11:18am
Msg #340818

They cheated. They all cheated. SS, TC & the un-TPL'd notary. But the law had no teeth...or maybe just babyteeth and was routinely ignored by~~. Seems like they just gave that law a good set of teeth with which to bite the cheaters. I am happy for all the non-cheating MD notaries and glad to see this awful penalize-the-honest situation got fixed.

Reply by Ilene C. Seidel on 6/14/10 1:32pm
Msg #340842

Thanks for your comment Lee. Two of us testified about these problems and these were the only concerns the committee listened too. We are thrilled.

Reply by BossLadyMD on 6/14/10 2:14pm
Msg #340848

We're all excited in MD - this law was long overdue! n/m

Reply by bfd110_IN on 6/14/10 5:35pm
Msg #340886

Indiana has been like this for a year now..

glad another state has caught up. Still work in progress but finally starting to weed out the non TPL's... Alot of bugs in the system

Reply by KimmyMD on 6/22/10 7:04am
Msg #341801

Re: We're all excited in MD - this law was long overdue!

I have done all the requirements to be a LTP. I know for a fact that lots of Signing Co use notaries who are not LTP. That makes it hard for me to even get a low price. I got a funny call the other day someone asking me to go resign docs becasue a lot of mistakes were made and they said "You have to have your LTP" I said everyone should that works in Maryland. She told me only certain lenders required it. More B_

What say you?
PS I've been dead for June only 2 closings,,,, any idea what is up?