The Current Landscape for Remote Online Notarization
Remote Online Notarizations (RON) are on the horizon for California, igniting a flurry of questions and excitement among California notaries and the broader remote online notary community.
Read on as we unpack the latest developments and what they truly mean for the industry.
Read on as we unpack the latest developments and what they truly mean for the industry.
A Deep Dive into SB 696
The recent buzz revolves around SB 696, now passed by the California legislature.
But before jumping to conclusions, let's understand the legislative process:
But before jumping to conclusions, let's understand the legislative process:
1. Legislative Passage
SB 696's clearance through the Senate and assembly marks its preliminary approval. This does not mean it's legal yet.
2. Governor's Approval
The legislation is now in Governor Newsom's court.
Should he sign, it will mark a significant step, but the journey doesn't end there.
Should he sign, it will mark a significant step, but the journey doesn't end there.
3. The Role of the Secretary of State
Once signed into law, the Secretary of State assumes responsibility.
Their task is to draft guidelines for remote online notaries in California.
Given the complexity, the bill allocates a generous seven years for this process for a RON Handbook.
Their task is to draft guidelines for remote online notaries in California.
Given the complexity, the bill allocates a generous seven years for this process for a RON Handbook.
The RON Course is included in Complete Notary Mentorship, click below for more info:
Managing Expectations: Timelines Matter
While the passing of SB 696 is a huge step for RON in California, it doesn't spell immediate change.
Insiders suggest a wait of two to five years before the Secretary of State releases a comprehensive guidebook.
While the future may hold Remote Online Notarizations in California, the immediate landscape remains unchanged.
Insiders suggest a wait of two to five years before the Secretary of State releases a comprehensive guidebook.
While the future may hold Remote Online Notarizations in California, the immediate landscape remains unchanged.
Remote Online Notarizations: A Broader Perspective
Many ask, "My state has approved remote online notary, so what's next for loan signings?"
The answer may be underwhelming: it doesn’t mean much.
Here's why....
The answer may be underwhelming: it doesn’t mean much.
Here's why....
Loan Documents vs. Bank Approval
Just because a state gives the nod to remote online notarizations doesn't mean banks are ready for complete e-closings.
Notary loan signing agents are aware that out of a 150-page bank loan document, only 4-5 pages need to be notarized.
The majority require in person signatures and any e-signatures would be pending bank consent.
Notary loan signing agents are aware that out of a 150-page bank loan document, only 4-5 pages need to be notarized.
The majority require in person signatures and any e-signatures would be pending bank consent.
Monitoring Key Players
For tangible industry shifts, keep a close eye on banking giants like Wells Fargo, Bank of America, and Chase.
Their adoption of complete e-closings will be a pivotal moment.
Their adoption of complete e-closings will be a pivotal moment.
What Does This Mean for California's Notary Loan Signing Agents?
In short, while the developments signal progress for allowing Remote Online Notarizations in California, traditional loan signings aren't going anywhere soon.
Both general notary work and traditional loan signings in California are expected to continue unaffected for the next few years.
But of course if anything changes, you know you can count on me to provide you with the latest updates!
Both general notary work and traditional loan signings in California are expected to continue unaffected for the next few years.
But of course if anything changes, you know you can count on me to provide you with the latest updates!
Preparing for the Future with Remote Online Notarization
As we navigate this era of transition with RON, staying informed is crucial.
As the industry evolves, it's important to be proactive and learn about Remote Online Notarizations (RON) now, ensuring you're ahead of the curve.
Fortunately, Loan Signing System provides comprehensive insights into RON, equipping you with the knowledge to navigate the future confidently.
The Remote Online Notarization Course is included for FREE as part of Complete Notary Mentorship!
As the industry evolves, it's important to be proactive and learn about Remote Online Notarizations (RON) now, ensuring you're ahead of the curve.
Fortunately, Loan Signing System provides comprehensive insights into RON, equipping you with the knowledge to navigate the future confidently.
The Remote Online Notarization Course is included for FREE as part of Complete Notary Mentorship!
