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---- At first reading of Notarization bill House Bill 3808, the assertions it would let banks off the hook seemed absurd, complete hogwash. It seemed obvious it needed to be done a long time ago. But in practice it would pardon false notarization's etc. because instead of having a strong eye witness notarization requirement, it allowed the weakest state notarization to be used. In short whatever the banks could bribe a state legislature to pass. As Karl Denninger was right to point out. "Once this law is passed they will find some state that needs jobs, and bribe the legislature to enact ridiculously loose notary laws, such that a notary signature will become effectively meaningless. This law will force every other State in the Union to accept that signature even though it signifies nothing. Notarization is an extremely important legal protection. It provides verification that the person who is alleged to have signed a document in "wet ink" actually did so, and actually made a personal appearance and signed in front of the Notary. Further, land titles and land transactions, along with the private property rights that vest thereupon, are inherently a state function, and their protection and verification is also a state function." Denninger is right so the bill must vetoed until it is fixed. Relevant section here. SEC. 3. RECOGNITION OF NOTARIZATIONS IN STATE COURTS. Each court that operates under the jurisdiction of a State shall recognize any lawful notarization made by a notary public licensed or commissioned under the laws of a State other than the State where the court is located if-- (1) such notarization occurs in or affects interstate commerce; and (2)(A) a seal of office, as symbol of the notary public’s authority, is used in the notarization; or (B) in the case of an electronic record, the seal information is securely attached to, or logically associated with, the electronic record so as to render the record tamper-resistant. Note it says "lawful notarization's", but here is the clue, it does not define what is a lawful notarization. Instead of creating a good electronic record of the paperwork of a real notarized transaction, it opens the doors for banks to completely evade really signing contracts. It short it will enable fraud as sure as the Sun rises in the East. We need as real across state lines notarization bill with full specified eyewitness verified Notarization procedures. HR 3808Last edited by Dan on Sat Oct 09, 2010 11:34 pm; edited 2 times in total ---- I included this section in above for good reason. Denninger is right> I did not realize the implications of such a simple bill without a good definition of eyewitness notarization's. "As long as a strong eye witness notarization requirement is included. Karl Denninger was right to point out. "Once this law is passed they will find some state that needs jobs, and bribe the legislature to enact ridiculously loose notary laws, such that a notary signature will become effectively meaningless. This law will force every other State in the Union to accept that signature even though it signifies nothing. Notarization is an extremely important legal protection. It provides verification that the person who is alleged to have signed a document in "wet ink" actually did so, and actually made a personal appearance in front of the Notary. Further, land titles and land transactions, along with the private property rights that vest thereupon, are inherently a state function, and their protection and verification is also a state function." Denninger is right so the bill must vetoed until it is fixed." All times are UTC |
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