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The North Carolina Secretary of State has issued requirements and FAQs for remote video notarizations, which are permissible under North Carolina’s emergency video notarization law from May 2 until August 1. The requirements specify, among other things, the identification and recordkeeping requirements for remote notarizations using video conference technology.
North Carolina Attorney General announces joint relief effort for North Carolinians facing Covid-19 financial hardship
On June 4, the North Carolina attorney general announced the Carolina Relief Plan, a voluntary agreement whereby participating financial institutions will offer certain financial relief to customers facing Covid-19 financial hardships. Relief includes, among other things, allowing eligible customers to request a forbearance on residential mortgage payments not otherwise covered by the CARES Act, assistance for payment extensions of auto loan accounts, and relief from monthly maintenance fees, overdraft fees, and CD early withdrawal penalties. Under the agreement, any participating financial institution also must: (1) offer to place a moratorium on residential mortgage foreclosures and consumer auto repossessions through at least June 30, 2020; (2) refrain from reporting loans subject to Covid-19 accommodations; and (3) inform customers about the assistance they are being offered and of the heightened risk of scams. One financial institution has signed onto the relief plan as of the time of the announcement.
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 April 1, the North Carolina governor issued an executive order permitting corporations to hold shareholder meetings by remote communication. The order will remain in effect for 60 days unless rescinded or superseded with another order.
On March 27, the North Carolina Department of Insurance issued guidance clarifying certain debt collection obligations for insurance companies and related entities. Entities involved in collections must provide customers specific relief for payments, submission of claims, and other responsibilities. They must allow consumers, whose requests may have been impacted by the Covid-19 disaster, additional time for their requests to be received and reviewed. Additionally, the timeframes to submit additional information for previously pending requests will also be extended. The guidance is in effect for 60 days.
North Carolina Emergency Management announced that it created a process to vet businesses to determine whether they are essential suppliers that can continue operations if emergency closures are declared. To seek a determination, businesses should email email@example.com, providing: 1. business name; 2. contact information; 3. why it is critical that the business continue operations; 4. business website.
On March 23, the governor of North Carolina issued an executive order prohibiting mass gatherings of 50 or more. The order does not specifically address financial institutions.
On March 15, the North Carolina Administrative Office of the Courts and Chief Justice Beasley issued a memorandum implementing a 30-day postponement (until April 14) on foreclosures and other civil proceedings, subject to limited exceptions.
The North Carolina Credit Union Division notified state-chartered credit unions of certain accommodations for Covid-19. These include (i) conducting examinations offsite; (ii) granting extensions of the deadline to submit quarterly call reports; (iii) conducting meetings electronically, (iv) discouraging in-person board meetings; and (v) permitting the postponement or cancellation of required annual meetings.
- Jonice Gray Tucker to discuss "Fair servicing in wake of Covid-19" at an American Bar Association webinar
- APPROVED Webcast: Maximizing vendor value
- Daniel P. Stipano to discuss "Cram for the exam: Best prep strategies for a regulatory examination" at an ACAMS webinar
- Melissa Klimkiewicz to discuss "Flood insurance basics" at the NAFCU Virtual Regulatory Compliance School
- Sasha Leonhardt to discuss "Privacy laws clarified" at the National Settlement Services Summit (NS3)
- Amanda R. Lawrence to discuss "New privacy legislation: Preparing for a major source of class action and enforcement activity going forward" at the American Conference Institute Consumer Finance Class Actions, Litigation & Government Enforcement Actions