THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: KY2019001
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Bulletin: KY2019001
Dear Associates:
Earlier this year, the Kentucky Legislature passed SB 114, which becomes effective January 1, 2020. SB 114 updates the provisions for notary practices in Kentucky. The new law will enable county clerks to accept and record real estate documents electronically. The law also authorizes the electronic notarization of real estate documents, both in person and remotely. Additional regulations regarding the law are expected from the Kentucky Secretary of State.
The new law is permissive, not mandatory, so the implementation of electronic systems is up to each county. You will need to confirm with the applicable county whether it is accepting documents for electronic recording. The law contains a “papering out” provision for those counties that have not implemented an electronic recording system.
Please familiarize yourself with the new law, including requirements for notaries. A copy is linked HERE. Please also review our general Stewart Bulletin regarding Remote Online Notarization, SLS2018003, linked below.
Additionally, the legislature implemented new Predictable Recording Fees, which are flat recording fees that will help facilitate fee accuracy and compliance. A schedule of these fees, provided by the KYLTA, can be accessed HERE. If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None