Legislative/Regulatory News

SERVICER REGISTRATION 
REQUIREMENT PASSES OHIO
LEGISLATURE

In the December 2018 Lame Duck session of the Ohio Legislature, Substitute House Bill 489 passed, requiring all mortgage loan servicers, including those that hold Mortgage Servicing Rights, to register with the Department of Commerce Division of Financial Institutions. The bill was singed by the Governor on December 19, 2018. To view the bill click  HERE.

OHIO LEGISLATURE PASSES ELECTRONIC NOTARIZATION BILL

The Ohio Legislature has passed SB263, the Notary Public Modernization Act, a bill supported by OMBA. The legislation has been signed by Governor Kasich.

The bill will give the ability to consumers to choose to conduct their real estate finance transactions using remote online notarial acts, and will modernize the notary function. Notarial acts are a necessary component of the residential loan closing process.  As the industry continues to serve consumers’ needs by using online , mobile and other electronic means, it had become clear that Ohio needed a law in place to support this technology shift.

The legislation makes remote online notarizations equivalent to traditional notarizations without risks and unnecessary barriers. The legislation provides appropriate safeguards that ensure that fraud and capacity issues are appropriately addressed by the remote notarization process. The legislation also provides needed reform in the notarization process as a whole, and raises the professional standards for those performing the notary act.

The full text of the bill is available by clicking HERE.