A new state law allows the permanent use of remote electronic notarizations in New York.
The New York Credit Union Association (NYCUA) says the bill signing marks a “major legislative victory for the New York credit-union movement.”
Besides NYCUA, the New York State Association of Realtors (NYSAR) and the Real Estate Board of New York (REBNY) say the new law will be a big help in modernizing the closing of real-estate transactions in New York.
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Gov. Kathy Hochul signed the bill on Dec. 22. Assemblywoman Nily Rozic (D–Queens) and State Senator James Skoufis (D–Cornwall) introduced the legislation in the state legislature.
New York credit unions have been using remote electronic-notarization services following a March 2020 executive order and subsequent extensions that temporarily authorized the technology, NYCUA said in a news release. The law, when fully implemented, provides credit unions and other New York businesses and organizations with the permanent ability to utilize the technology.
NYCUA saw the permanent use of remote notarizations as a “major legislative priority” for New York’s credit unions in 2021. Credit unions and other New York institutions successfully implemented and used the technology at the “height of the first wave” of the COVID-19 pandemic when many people were hesitant to use and perform notary services in person, the association said.
Since that time, credit unions and other businesses have used the technology to expand notary services to people who may have had difficulty obtaining services in person, NYCUA noted.
“This law is certainly a victory for credit unions, but it’s also a victory for the disabled, elderly, those in rural communities and others who may find it difficult to obtain the services of a notary in person,” William Mellin, president and CEO of NYCUA, said. “New York now joins a growing list of states that have authorized this practical and modern technology.”
NYSAR and REBNY also issued a separate statement in reaction to the bill signing.
“We applaud Governor Hochul for taking this important step to modernize and streamline real estate closing transactions, and we thank Senator Skoufis and Assemblymember Rozic for sponsoring the legislation. As the economic activity generated by the real estate industry continues to play a critical role in supporting New York’s long-term recovery, this smart policy approach will help advance that economic progress while also providing a practical solution for hardworking members of the industry.”
