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West Virginia Secretary of State announces temporary remote notarization
On April 1, West Virginia’s secretary of state released an emergency rule authorizing electronic notarization as a result of Covid-19. The switch enables the use of audio and visual technology to witness and record notarizations, but requires the notary to create a recording of the performance of the individual signing, and retain a copy of that recording. Warner’s announcement specified that the electronic notary authorization would only be valid during the state of emergency, and will expire when the emergency measures are lifted.
Texas regulator urges credit unions to meet member needs
On April 1, the Texas Credit Union Department issued an informational memorandum encouraging state-chartered credit unions to consider taking steps to assist members adversely impacted by Covid-19. Among other considerations, the department urged credit unions to waive fees, increase cash withdrawal limits, waive early withdrawal penalties on time deposits, and allow borrowers to defer or skip some payments, among other things.
Utah governor issues temporary moratorium on residential evictions
On April 1, Utah Governor Gary Herbert issued an order instituting a moratorium on residential evictions for individuals out of work or otherwise unable to pay rent as a direct result of Covid-19 provided certain conditions are met. The temporary order went into effect immediately and is effective through May 15. Herbert’s announcement did not institute rent forgiveness during the leniency period.
Texas Department of Banking issues extension for public and family trust company reporting
On April 1, the Texas Department of Banking issued a notice to trust companies announcing a 31-day extension for (1) public trust companies to report on Condition and Income and (2) exempt family trusts to report Annual Report of Condition and Income and Certification of Exempt Status. The announcement also authorized the use of electronic signatures on both filings mentioned.
Indiana securities regulator alerts registrants to regulatory relief
On April 1, the Indiana Secretary of State, Securities Division issued a compliance alert to notify registrants that the division granted relief from fingerprinting requirements associated with registration applications for investment adviser representatives. The division indicated that it may provisionally approve an application for registration without fingerprints, provided the applicant submits fingerprints before June 30, 2020.
Ohio governor calls for moratorium on small business evictions
On April 1, Ohio Governor Mike DeWine signed an executive order calling for a moratorium on small business evictions and foreclosures as part of the state’s Covid-19 emergency measures. The order requests that landlords suspend rent payments and evictions for financially distressed small businesses for a period of at least 90 days. DeWine also requested forbearance for commercial real estate borrowers in the state for the same duration. The order also notes that the Supreme Court of Ohio provided guidance to local courts to temporarily continue the execution of foreclosure judgments, eviction filings, eviction proceedings, and scheduled move-outs.
Nebraska issues executive order accelerating online notary access
On April 1, the Nebraska governor issued an executive order accelerating the use of online notarization, as well as offering some flexibility for financial institutions regarding usual notary requirements during the Covid-19 crisis. The order will remain in effect until 30 days after the lifting of the state of emergency.
North Carolina authorizes remote shareholder meetings
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.
Louisiana regulator provides guidance on business continuity plans
On April 1, the Louisiana Office of Financial Institutions issued a bulletin urging financial institutions to review their disaster recovery/business continuity plans and update them as needed to ensure that all interdependent operations are considered. The guidance includes a list of considerations, including, among other things: supplying staff with protective equipment and training; updated contact information for third party services and consideration of third party services that might become impaired in an incident; contingency communication process; remote work possibilities; identification of critical operations, including as examples, core processing systems, ATM processing and replenishment, online banking systems, payment processing, and wire processing; cross-training for continuity; and liquidity and cash considerations.
Oklahoma issues FAQs on remote notarization
The Oklahoma Secretary of State published FAQs on online remote notarization, encouraging businesses to utilize remote notarization capacity in order to bypass in-person meetings and physical delivery of documents. The FAQs also discuss the authorization, bond, and recordkeeping requirements applicable to remote notarization.