Update on Remote Online Notarization: California Joins the Movement
After navigating its way through the California state legislature, as of Governor Gavin Newsom finally signed the SB 696 allowing for Remote Online Notarizations (RON).
This positions California as the 44th state to officially recognize RON.
This positions California as the 44th state to officially recognize RON.
Watch a quick update on RON in California below:
What's Next? A Deep Dive into Senate Bill 696
As the passing of this bill paves the way for notaries in California to offer services online, the state has outlined a phased strategy for this legislation.
To gain a clearer perspective, let's break down the milestones and see what's to be expected:
1. Legislative Passage
The first step of SB 696 was to clear through the Senate.
2. Governor's Approval
As reported, Governor Newsom has given the green light by signing the bill, but the journey doesn't end there.
3. The Role of the Secretary of State
Now signed, the Secretary of State now assumes responsibility.
California has indicated that the new law will roll out in several stages.
The initial phase is scheduled to begin on January 1, 2024.
Over the next few years, the Secretary of State will implement the law fully by 2030.
Given the complexity, the bill allocates a generous seven years for this process for a RON Handbook.
California has indicated that the new law will roll out in several stages.
The initial phase is scheduled to begin on January 1, 2024.
Over the next few years, the Secretary of State will implement the law fully by 2030.
Given the complexity, the bill allocates a generous seven years for this process for a RON Handbook.
Source: HousingWire.Com
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!