The state of New York is now ready for remote online notarization (RON). On February 24, Governor Kathy Hochul signed A8691/S7780, which amends New York's 2021 RON law by making necessary improvements and immediately authorizing NY notaries to perform RON. For more information on the law, please visit our announcement article.
The availability of RON to NY notaries has meaningful implications for our customers. Our customers with notaries in New York now have access to a simpler, smarter, and safer way of managing online notarizations and digitizing their business.
For those in the real estate industry, around 80% of New York’s 62 counties can e-record, limiting online notarization to closings of property located in those counties. However, the new law both authorizes NY notaries to perform RON and also requires county clerks and other recorders to accept tangible copies of documents that were notarized online. This allows customers to conduct closings entirely online, even though the county where the property is located may not actually e-record.
Lenders and title companies also have reassurance that Fannie Mae and Freddie Mac accept the delivery and servicing of New York loans with RON.
This will have a big impact for lenders who use the Notarize platform, and for the real estate industry as a whole.
According to Whitney Vogt, Director, Strategic Initiatives at Guaranteed Rate: “The significance of NY is more from an industry perspective – NY is traditionally viewed as a challenging state for real estate. It's good that their RON law is clear and well-written, it leaves very little room for pushback or subjective interpretation.”
But the legalization of RON in NY doesn’t just affect the real estate industry. There are benefits for all industries that are trying to digitize traditionally in-person processes to provide a fully-digital experience for their customers.
Meagan Manion, Member Experience Manager at Trust & Will said, “The legalization of RON in New York will positively impact our customers. A lot of people still aren’t comfortable letting notaries they don’t know personally into their homes, or even meeting them face-to-face. This will provide them with a more accessible option.” Megan Palazzolo, Head of Member Success at Trust & Will added, “This is a step in the right direction for us to be able to give our customers in New York a seamless, digital experience.”
If you are interested in learning more about the Notarize platform click here.
If you have additional questions about NY’s RON law, please contact Notarize Public Affairs at publicaffairs@notarize.com.
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