A big ‘thank you’ to everyone who took time out of their busy schedule to attend our session on remote online notary and the new home owner’s title insurance policy. If you missed the meeting and want more information, please reach out to me.
As a matter of update, the remote online notarization legislation did not make it through the House or Senate this year. Missouri Land Title Association, or MLTA, disagreed with the language in the Secretary of State bill, so MLTA decided to write and submit their own bill. We were able to get it passed out of committee in the Senate, but it did not make it to the Senate floor for debate. The Secretary of State bill is in the same status. We feel confident that next year we can get it passed, and our goal is to get the Secretary of State to work with us in having one bill that we can both support.
There are currently 22 states that have passed a remote online notary bill. There are five states that have legislation but failed to get it passed, 11 states have legislation pending, and the balance have not submitted legislation. It is not a matter of if Missouri will pass legislation; it’s just a matter of when. The regulator, Consumer Financial Protection Bureau, supports this methodology, and they have surveyed consumers and found this to be a benefit that the consumer wants. Remote online notarization can be a great tool for buyers and sellers that can’t make it to a closing. It will be a service we offer that gives us the ability to perform the closing through a secure video and/or audio process that provides digitized signatures and digital notarization.