You may have heard murmurs about the SECURE Notarization Act of 2022 floating around and we are here to set the record straight. This act, which was recently passed by the House of Representatives and now awaits consideration by the Senate, has massive implications for the notary industry, both good and bad, which means it is time for us to all get involved as much as we can. In this blog post, we'll break down exactly what the SECURE Notarization Act is and what it means for you. What is the SECURE Notarization Act? The SECURE Notarization Act is a bill that was recently passed by The House with the intention of modernizing and streamlining the notarization process. The act contains provisions that could change the way that notaries operate on a day-to-day basis, as well as provisions that will impact the entire Notary industry. Under the SECURE Notarization Act, all notarial acts will now be eligible to be performed using audio-visual technology (or as those of us in the know call it, Remote Online Notarization ( or "RON" for short), which means that in-person meetings will no longer be necessary. For some notaries, this will be a major inconvenience, as it will require them to invest in new audio-visual equipment and learn how to use it, and for the well-informed Notary, it will be heaven-sent. On the upside, Notaries will now be able to serve a wider geographic area than ever before since they won't be restricted by their location. But there is always a downside... Notaries will now no longer be competing with their cohorts in their own backyard, but potentially now against every other Notary in the country. Another provision of the SECURE Notarization Act requires all notarial acts to be recorded and stored electronically. This provision is intended to prevent fraud and increase transparency, but it could also prove to be a hassle for Notaries who are used to working with paper documents. In addition, under the new law, all electronic records must be maintained for at least 10 years - which means that Notaries will need to find a way to securely store their data for an extended period of time. What Does the SECURE Notarization Act Mean for You? If you're a traditional "pen and paper" notary, the SECURE Notarization Act of 2022 will likely have a major impact on your work. Perhaps the most significant change for the traditional paper Notary is that you'll now be required to use audio-visual equipment whenever you perform a remote notarial act - which likely means investing in new technology and learning how to use it. You'll need to find a way to electronically store your records for at least 10 years - which could entail upgrading your current storage system or finding a new one entirely. On the bright side, most Remote Notary Platforms will do a lot of this work for you. But Is There a Catch....? Many employers and notary signing services are also going to feel the impact of the SECURE Notarization Act. Since any signing could soon be opted to be performed as a RON signing, many signing services and companies will need to invest in new workflows, change "tried and true" methods for running their businesses and train their employees on how this new form of signing could impact their business. Additionally, signing services and employers will need to ensure that their employees are properly trained on how to spot fraudulent documents, in some instances how to properly tag documents and how to quickly and efficiently review documents - all of which could lead to an increase in costs associated with training and employee development. And with these new costs comes the potential for a reduction in pay to the Notary which we have already seen with certain platforms. Not to mention the farming out our local work to low-paying call centers out of State. Look for new partnerships at Notary Stars on the horizon to help keep you educated as we have major reinforcements coming in soon. Who will bear the brunt of these increased costs? Could it be the client paying higher fees? Could it be the signing services and employers willing to take a “haircut?” Or could it be the Notary who suffers from the trickle-down effect? Suffice it to say, while we are still very early in the game, you owe it to yourself to be the leader of the pack and not the follower. Don't allow yourself to be fully reliant on others to create your business and stream of revenue! There is no better time than the present to start building your client list. The Bottom Line The passage of the SECURE Notarization Act of 2022 is a major event for the Notary industry - one that will have far-reaching implications for both notaries and signing services alike. While there are some negatives associated with the new law, there are many more positives, such as the fact that notaries will now be able to serve a wider geographic area than ever before thanks to audio-visual technology. Only time will tell how exactly the SECURE Notarization Act of 2022 will impact the Notary industry as a whole - but one thing is certain: it's going to be interesting to watch! So are you going to sit on the sidelines and watch? Or are you going to get involved in the game and help shape the outcome?
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