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On May 5, FHFA announced that it extended several loan processing flexibilities offered by Fannie Mae and Freddie Mac to assist borrowers during the Covid-19 emergency. The flexibilities include permitting alternative appraisals for certain loans, alternative methods for verifying employment before loan closing, flexibilities for providing documentation related to renovation draws, and expanding the use of power of attorney and remote online notarization. The flexibilities are extended until at least June 30.
On May 5, the North Carolina governor signed the Covid-19 Recovery Act, which provides certain relief to North Carolinians in response to the Covid-19 crisis. Among other things, the legislation authorizes emergency video notarization and video witnessing during the state of emergency. The legislation also provides limited immunity to essential businesses from civil liability for claims alleged to have been caused by the Covid-19 pandemic. Essential businesses include financial and insurance institutions, as determined by Executive Order 121, and any business that the Department of Revenue determines is essential.
On May 4, the Missouri governor issued Executive Order 20-10, which extends Executive Orders 20-04 (authorizing specific departments to waive or suspend statutory requirements and administrative rules), 20-05 (relating to the restaurant industry), 20-06 (relating to organized militia), and 20-08 (relating to remote notarization), issued in response to Covid-19. Executive Order 20-04 was previously covered here and Executive Order 20-08 was previously covered here.
Illinois issues executive order amending and reissuing remote notarization and witnessing guidelines
On April 30, the Illinois governor issued an executive order amending and reissuing guidelines relating to remote notarization and witnessing. The guidelines are extended through May 29, 2020.
Massachusetts securities regulator extends temporary relief for corporations and financial professionals
On April 30, the Massachusetts Securities Division extended an emergency notice announcing temporary relief from signature and notarization requirements for corporate filings and financial professionals (previously covered here). The extension will be in place until May 31 unless otherwise amended.
On April 30, the Alaska governor signed into law H.B. 124, which amends Alaska’s notarization law to permit remote notarization. The amendments set forth the requirements for conducting remote notarization, including the selection of technologies to perform the remote notarization and record keeping requirements.
On April 30, the Kansas governor issued an executive order delaying the sunset date of several existing executive orders relating to Covid-19 to May 31, 2020, or until the statewide state of disaster emergency relating to Covid-19 expires, whichever is earlier, with some exceptions. Among others, the executive order delays the sunset date for the order halting certain foreclosures and evictions (previously covered here) as well as the order temporarily allowing notaries and witnesses to act via audio-visual technology (previously covered here).
On April 30, Colorado Governor Jared Polis extended a previous executive order allowing remote notarizations due to the Covid-19 crisis. The initial order, issued on March 27, waived the in-person requirement for notarizations. The extension is valid for 30 days, unless extended further by subsequent executive order.
On April 29, the governor of Texas temporarily permitted persons to appear before a notary public via videoconference when executing real estate instruments such as mortgages. The Office of the Attorney General issued a set of conditions that must be met when using remote methods of notarization. These include the use of two-way video and audio communication permitting contemporaneous interaction, verification of identity, recordkeeping requirements, and attestations of the signatory and notary that they are physically located in Texas.
- Kathryn L. Ryan and Jedd R. Bellman to discuss “Risk and compliance management: Are you covered?” at a Mortgage Bankers Association webinar
- Melissa Klimkiewicz and Daniel A. Bellovin to discuss “Things to know about flood insurance” at a NAFCU webinar
- Hank Asbill to discuss “Ethical issues at sentencing” at the 31st Annual National Seminar on Federal Sentencing
- Max Bonici will moderate a panel on “Enforcement risk and other regulatory and compliance issues related to crypto and digital assets” at the American Bar Association’s 2022 Annual Meeting
- John R. Coleman to provide a “CFPB Update” at MBA’s 2022 Regulatory Compliance Conference
- Amanda R. Lawrence to discuss “The shifting data privacy and data protection landscape” at MBA’s 2022 Regulatory Compliance Conference
- Jeffrey P. Naimon to provide “An update on key fair lending cases and the CRA and UDAAP rules” at MBA’s 2022 Regulatory Compliance Conference
- Benjamin W. Hutten to discuss “Fundamentals of financial crime compliance” at the Practicing Law Institute
- Benjamin W. Hutten to discuss “Ongoing CDD: Operational considerations” at NAFCU’s Regulatory Compliance & BSA Seminar
- James C. Chou to discuss ransomware at NAFCU’s Regulatory Compliance & BSA seminar