Wisconsin notaries who’d like to spend less time on the road – and lenders who’d like to spend less time with errors and disbursement delays – recently got some very good news. The Badger State became the 23rd state to pass Remote Online Notarization (RON) legislation and the first state to pass it in 2020.
Assembly Bill 293 allows an online notary who is physically located in Wisconsin to perform ”an online notarial act for a person who is physically located in the United States or for a person who is physically located outside the United States if certain conditions are satisfied.” For the real estate industry, it means that the timing of a mortgage closing no longer has to be based on a geographical or physical location. The bill was adopted by state legislators February 20, then headed off to Gov. Tony Evers for his signature. It will go into effect for the state’s 82,000 notaries June 1.
Once the law is enacted, Wisconsin notaries will need to obtain an additional commission from the state’s Department of Financial Institutions (DFI) to perform as an online notary. Businesses will also be required to register with the DFI to become an online notarization system provider in the state. Nexsys is working to finalize our registration details – stay tuned and we’ll let you know when it’s official.
In the meantime, if you’re a lender and considering entering the wonderful world of digital closings, know that you can start with Hybrid closings now, then work up to full RON closings when you’re ready. (We like to say you can walk before you RON.) Connect with us today and we’ll schedule a demo with you.