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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.
Florida governor issues stay at home order
On April 1, the governor of Florida issued an executive order requiring all senior citizens and individuals with a significant underlying medical condition to stay at home. The order also requires all persons in Florida to remain at home unless necessary to obtain or provide essential services or conduct essential activities. The order refers to the U.S. Department of Homeland Security’s Essential Critical Infrastructure Workforce for inclusion of “essential services.” This list includes financial services institutions and their workers.
Arkansas Securities Department provides relief from regulatory deadlines and guidance on notarization
On April 1, the Arkansas Securities Department issued guidance providing relief from certain regulatory deadlines to licensed money services businesses and mortgage companies. The department is providing a 60-day extension to file financial statements and a 30-day extension to submit Call Reports and the MCR Standard Financial Condition Reports. Further, the guidance provides that licensed entities are authorized to use real-time audio and visual means to witness the signing of a legal document so long as the identity and physical presence of any and all witnesses and signers in Arkansas are validated at the time of execution of the document by real-time audio or visual means.
Rhode Island regulator delays reporting deadlines
In light of widespread interruptions created by the Covid-19 emergency, the Rhode Island Division of Banking extended the due date for debt collectors, small loan lenders, and debt management companies to submit 2020 Rhode Island Annual Reports to April 30, 2020. Extensions beyond that date will be considered on a case-by-case basis.
Washington governor and Department of Financial Institutions announce measures to assist with mortgage delinquencies
On March 31, Washington Governor Jay Inslee along with the director of the Washington State Department of Financial Institutions announced measures to alleviate burdens for distressed homeowners. DFI’s guidelines advise mortgage servicers to cooperate with distressed homeowners, and specifically mentioned that servicers should consider payment forbearance agreements with delinquent owners.
South Carolina governor orders closure of non-essential businesses
On March 31, South Carolina Governor Henry McMaster signed an executive order closing non-essential businesses and public venues. McMaster’s order gave the South Carolina Department of Commerce the ability to review and designate essential businesses in the state, and where necessary, consult with the state attorney general for further clarification. The order followed a declared state of emergency announced by McMaster on March 13.
Oregon publishes website with Covid-19 insurance and financial services information for consumers
In late March, Oregon published a website that includes FAQs addressing Covid-19 insurance and financial services information for consumers. The website addresses questions regarding, among other things, making mortgage payments and addressing concerns about keeping money in checking or savings accounts during the Covid-19 outbreak. In addition, the responses to the FAQs indicate that the Division of Financial Regulation is encouraging its regulated lenders and financial service providers to take active measures to provide help to people and businesses affected by the pandemic, including offering loan forbearance plans, fee waivers, and other deferred payment options to their customers.
Nevada Updates state of emergency measures
On March 31, Nevada updated its state of emergency directive extending state-issued licenses and permits that were set to expire during the state of emergency period. The directive will remain in effect until the state of emergency is terminated or renewed.
Oklahoma State Banking Department issued FAQs from financial institutions affected by Covid-19
In late March, the Commissioner of the Oklahoma State Banking Department issued FAQs as a supplement to FAQs issued earlier by the FDIC. The FAQs address: (i) working with borrowers, and appropriately documenting the credit file; (ii) closing a lobby but maintaining drive through service; (iii) access to safe deposit boxes; (iv) conducting board meetings remotely, and (v) bank examinations.
Georgia authorizes remote notarization
On March 31, the governor of Georgia issued an executive order suspending requirements of Georgia’s property code that notarizations of deeds and other instruments to record interests in real property occur in person. Instead, any such requirement can now be satisfied by the use of real time audio-video conference. In addition, the order permits required witnesses to appear remotely. The suspension will last until the state of emergency in Georgia is terminated.