MBA Applauds House Passage of Remote Online Notarization Bill
The House on Wednesday passed legislation that creates federal minimum standards to allow notaries in all states to perform remote online notarization transactions. The Mortgage Bankers Association applauded the news.
The Mortgage Bankers Association’s grassroots advocacy arm, the Mortgage Action Alliance, issued a Call to Action on Monday supporting the bipartisan legislation. H.R. 3962, the SECURE Notarization Act of 2021, was introduced by Reps. Madeline Dean, D-Pa., and Kelly Armstrong, R-N.D., with 31 co-sponsors. It is a companion bill to S. 1625, introduced by Sens. Mark Warner, D-Va., and Kevin Cramer, R-N.D.
Robert Broeksmit, CMB, President and CEO of the Mortgage Bankers Association, issued the following statement on the passage of the SECURE Notarization Act by the U.S. House of Representatives:
“MBA is grateful the House has passed this legislation that creates federal minimum standards to allow notaries in all states to perform safe and effective remote online notarization transactions, making the mortgage closing process more convenient for all consumers–including our nation’s military families.”
“Importantly, the bill’s minimum standards for RON are consistent with both the MBA-ALTA model state RON bill and the Mortgage Industry Standards Maintenance Organization RON standards and would complement existing state laws by providing states with the flexibility and freedom to implement their own RON standards,” Broeksmit said.
Broeksmit thanked Reps. Dean and Armstrong for introducing this bipartisan legislation last year, House Energy and Commerce Chairman Frank Pallone and Ranking Member Cathy McMorris Rodgers for quickly moving the bill through committee this month. He also thanked House leaders for promptly bringing the bill to the floor for debate and a vote this week.
“MBA now urges the Senate to consider and pass S. 1625, the House bill’s companion measure, as expeditiously as possible,” Broeksmit noted.