- November 12, 2015
- All District of Columbia Issuing Offices
- LEGISLATIVE UPDATE - Notary Closings
On October 23, 2015, the District of Columbia Department of Insurance, Securities and Banking (“DISB”) issued Bulletin 15-IB-8-10/23 which clarified DISB’s previous guidance on “Activities Requiring Title Producer Licensure”. Under the previous guidance, any notary that presented closing documents for execution was required to be a licensed title producer. This new Bulletin now provides that a notary does not need to be a licensed producer so long as they do not “solicit, sell, or negotiate title insurance or closing protection letters.”
A copy of this Bulletin may be found on the DISB web site athttp://disb.dc.gov/node/1120541.
In order to obtain the benefits of this Bulletin, the title producer that engages the notary is required to execute a written disclosure statement that acknowledges the role of the notary in the closing and that the notary is acting on behalf of the title producer. The disclosure must describe the scope of the agency and state that all questions concerning the title insurance or the closing process or documents must be referred to the title producer. This disclosure must be delivered to the party prior to obtaining and witnessing any signatures and the party must acknowledge its receipt in writing. A copy of the acknowledged disclosure must be retained in the files of the title producer.
A sample disclosure is included as an exhibit to the DISB Bulletin. Please note that the exhibit does not contain a signature block for the title producer. This will need to be added to the form in order to comply with the terms of the Bulletin.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.