Congress could soon eliminate the need for clients to see notary publics in person to complete transactions involving life insurance, annuities and retirement plans.
The Senate Judiciary Committee is considering S. 1212, the Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2023 bill.
S. 1212 is a companion to H. 1059, a bill that passed in the House by a voice vote on Feb. 27.
S. 1212 would make remote online notarization services available for transactions involving interstate commerce throughout the United States.
The History
Traditionally, clients have used notary publics to verify their identity and to show that they are making certain moves, such as changing retirement account beneficiaries, voluntarily.
Many states have been allowing the use of online notarization services. The trend accelerated in 2020, when the COVID-19 pandemic hit.
