Remote Notarization Bill One Step Closer to Becoming Law
In a significant win for Colorado REALTORS®, CAR’s four-year effort to allow for remote notarization has almost come to an end. On Monday, the House of Representatives unanimously passed Senate Bill 96 that would allow notaries to offer remote notarization on a permanent basis.
Although it was already passed unanimously by the State Senate on March 11, modifications were made in the House version of the bill which require Senate consent. Today, the Senate unanimously approved those amendments. The bill will go to Gov. Polis for his signature.
The bill’s major provision on data privacy means that only the signing itself would be recorded, not the documents being signed, which are likely to include personal or business information.
Previously, Gov. Polis issued an executive order on March 28 authorizing remote notarization due to the COVID-19 pandemic. His order has since been extended through June 27.
As consumers are demanding increased transparency and control over how their data is used, the National Association of REALTORS® has developed strict data privacy and security policies which:
- Requires collection of personal information to be transparent;
- Prohibits revealing personally identifiable information to a third party unless the consumer has been informed and is given an opportunity to decline or opt-out; and
- When a REALTOR® provides personally identifiable information to a third party on behalf of a consumer, that third party should adhere to privacy principles similar to the REALTOR® to keep such information confidential.
This is an important bill to protect consumers in real estate transactions. SB 96 would:
- Authorize notaries public to perform a notarial act via audio-visual communication;
- Require use of an electronic system that aligns with standards established by the Secretary of State; and
- Prohibits the using and/or sharing personal information collected during the process for any purpose other than completing the notarial act.