Bill Overview
Title: Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2022
Description: This bill allows a notary public commissioned under state law to remotely notarize electronic records and perform notarizations for remotely located individuals. The bill provides technical requirements for such notarizations, including the creation and retention of video and audio recordings and the use of communication technologies (i.e., video chat). Additionally, the bill requires U.S. courts and states to recognize notarizations—including remote notarizations of electronic records and notarizations of remotely-located individuals—that occur in or affect interstate commerce and are performed by a notary public commissioned under the laws of other states. The bill also allows a notary public to remotely notarize electronic records involving an individual located outside of the United States, subject to certain requirements.
Sponsors: Rep. Dean, Madeleine [D-PA-4]
Target Audience
Population: Individuals and businesses requiring notarization of electronic records
Estimated Size: 150000000
- Remote notarization can be utilized in a variety of industries, including real estate, legal services, and financial services. Thus, it impacts professionals and clients in these sectors, potentially globally.
- Many individuals may need documents notarized for cross-border transactions or when they are temporarily located in different countries. The bill accommodates these situations.
- The use of remote notarizations would impact any individual needing notary services who has access to internet-enabled devices capable of supporting video and audio communication.
Reasoning
- Remote notarization can significantly reduce the time and cost associated with traditional notarization, benefitting both service providers and recipients.
- The policy notably impacts individuals who live remotely or are frequently mobile, such as military personnel, expats, and digital nomads.
- While the policy could substantially benefit those with internet access, individuals without high-quality internet could experience minimal impacts.
- Different demographic groups will have varying levels of engagement with notarization based on their professional and personal activities.
Simulated Interviews
Real Estate Agent (New York, NY)
Age: 34 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- This policy can make closings much faster and more efficient, especially with international clients.
- I anticipate this could streamline transactions and save costs on courier services.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 8 |
| Year 2 | 9 | 8 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 7 |
Tech Entrepreneur (Los Angeles, CA)
Age: 47 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 2/20
Statement of Opinion:
- Great opportunity to develop new tools for remote notarization, increasing market reach.
- Anticipate potential challenges with states adopting different requirements.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 9 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Notary Public (Dallas, TX)
Age: 29 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- This policy could potentially reduce the demand for my mobile notarization services.
- I might need to adapt to provide remote services instead.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 5 | 6 |
| Year 20 | 5 | 5 |
Financial Advisor (Miami, FL)
Age: 55 | Gender: male
Wellbeing Before Policy: 9
Duration of Impact: 3.0 years
Commonness: 4/20
Statement of Opinion:
- The policy could simplify services for clients abroad and reduce the time spent on document logistics.
- I foresee fewer in-person meetings, which could diminish personal interactions with clients.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 8 | 9 |
| Year 3 | 8 | 9 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 7 | 7 |
Attorney (Portland, OR)
Age: 60 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 7.0 years
Commonness: 3/20
Statement of Opinion:
- This will help my clients who live far away or who can't travel due to health reasons.
- Unsure how this will handle concerns about fraud and security in remote situations.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Digital Nomad (Boulder, CO)
Age: 40 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 2/20
Statement of Opinion:
- This policy is a game changer, enabling notary services without disrupting travel plans.
- I expect a smoother process for document management while abroad.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 5 |
| Year 2 | 8 | 5 |
| Year 3 | 9 | 5 |
| Year 5 | 9 | 4 |
| Year 10 | 9 | 4 |
| Year 20 | 8 | 4 |
Freelance Writer (San Francisco, CA)
Age: 23 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 2.0 years
Commonness: 8/20
Statement of Opinion:
- I don't frequently need notarization, but remote capabilities could be useful in rare cases.
- This seems essential for people who work internationally and often move around.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 5 |
Corporate Lawyer (Chicago, IL)
Age: 50 | Gender: male
Wellbeing Before Policy: 9
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- This could greatly facilitate cross-border transactions, especially when time zones and travel logistics are challenging.
- There might be initial resistance from traditional local notarization practices.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Start-up Founder (Seattle, WA)
Age: 38 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- This policy aligns with the shift towards digital solutions and can expand markets for digital platforms.
- I'll prioritize integrating such technology in our upcoming products.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 9 | 8 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 7 |
| Year 20 | 8 | 7 |
Retired (Rural Kansas)
Age: 66 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 6/20
Statement of Opinion:
- Lack of internet access might limit my ability to use this service, making minimal difference in my life.
- I foresee benefits mostly for those with better internet connectivity.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 5 | 5 |
Cost Estimates
Year 1: $50000000 (Low: $30000000, High: $70000000)
Year 2: $35000000 (Low: $25000000, High: $50000000)
Year 3: $35000000 (Low: $25000000, High: $50000000)
Year 5: $35000000 (Low: $25000000, High: $50000000)
Year 10: $35000000 (Low: $25000000, High: $50000000)
Year 100: $35000000 (Low: $25000000, High: $50000000)
Key Considerations
- The bill standardizes remote notarial acts across state lines, enhancing legal uniformity and business efficiency.
- Implementation requires significant technological infrastructure, potentially straining resources for smaller notarial offices.
- The bill may face resistance related to questions about security and validity of remote notarizations.