Remote Notarization Legislation
LOUISIANA REALTORS • March 27, 2020
(MARCH 28, 2020) REMOTE NOTARIZATION
Governor Edwards issued an executive order authorizing remote notarization
Thursday, March 26th. The order does not allow authentic acts to be completed by remote notarization. Authentic acts are used to close real estate transactions with financing so lenders can foreclose by executory process. This means that most closings are done by authentic act and cannot be completed with remote notarization even with the order. The Louisiana Notary Association questions Governor Edwards’ authority to authorize this by executive order.
Louisiana REALTORS® is in communication with the Louisiana Bankers Association, the Secretary of State Kyle Ardoin’s office and Governor Edwards’ office to try to get this changed if the order remains in place. At this time, please defer to your title company and lender on this subject.
FEDERAL LEGISLATION FILED TO AUTHORIZE REMOTE NOTARIZATION
On May 19, 2020, legislation was filed in the U.S. Congress to permit immediate nationwide use of Remote Online Notarizations (RONs), a type of electronic notarization where the notary and signer are in different physical locations. The bill is called the “Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act of 2020.”
If passed, the SECURE Notarization Act would authorize every notary in the United States to perform RONs, require tamper-evident technology in electronic notarizations, and require fraud prevention through use of multifactor authentication.
The Louisiana Legislature has considered this type of legislation at the state level for several years now and it has not passed. However, should the federal legislation pass as introduced it would allow your real estate transactions in Louisiana to be completed remotely thereby protecting you and your clients from the Coronavirus.
The legislation is endorsed by the American Land Title Association (ALTA), Mortgage Bankers Association (MBA) and the National Association of Realtors (NAR).
Association emphasizes lower monthly expenses, more housing options and practical relief for Louisiana families.
Want Your Teen to Own a Home Someday? Start Talking Money Now Teens may not be thinking about mortgage rates or down payments just yet, but the money habits they’re building now can follow them for years. And 88% of teens surveyed by Fannie Mae and Junior Achievement said they want to own a home someday. This week’s Consumer Guide: Talk to Your Teens About Money and Homeownership makes those conversations a little easier, covering everything from credit scores and budgeting to debt, renting versus owning and saving for that eventual down payment. So yes, you may have to interrupt the doomscrolling. But helping teens get smarter about money today could put them in a much better position to get the keys to a home of their own down the road. Download all of NAR’s Consumer Guides in English or Spanish at facts.realtor. For ease of reference, below is a list of the most recent guides: NEW: Teen Financial Literacy Fraud Red Flags Helping Family Members Become Homeowners Prepare Your Home for Hurricane Season Condominium Insurance Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. The next Consumer Guide, scheduled for publication on Oct. 21, will cover winter cold and storm preparedness.
Homeownership Is on Louisiana's November Ballot
