AnalysisIn Maryland, Notaries wanting to conduct home loan signings must meet two additional requirements prescribed by the state’s Insurance Code: (1) Be licensed by the state as a “title insurance producer.” (A title insurance producer is defined as “a person that provides escrow, closing, or settlement services that may result in the issuance of a title insurance contract.” Licensure involves submitting an application [and $25 application fee], completing an approved course of study, fulfilling specified insurance-related work experience, passing an examination, paying an initial license fee of $54 and, for renewal licenses every 2 years, satisfy 16 hours of continuing education and pay a renewal license fee of $54.) (2) Obtain an “appointment” from an insurer. Applied to Notary Signing Agents, the new law requires NSAs to possess written documentation of appointment by an insurer prior to conducting loan signings, as opposed to merely being listed in an insurer’s producer register. (An insurer must maintain a “journal” of each producer who has been granted an appointment and within 30 days of appointment enter into the register the producer’s name, license number, date of appointment, and any additional information the insurer may include.)
Read Senate Bill 147.