Bulletin: NJ000063

Date:
July 08, 2002
To:
All Issuing Offices in New Jersey
RE:
Notary Bill

Dear Associates:

We informed you in NJ Bulletin 61 dated May 9, 2002 that the title industry in New Jersey has been the target of a class action lawsuit based upon allegations that certain title agencies and offices of underwriters permitted notaries to overcharge for notary fees at real estate settlements.

We also informed you in that bulletin that there was a bill pending before the New Jersey Legislature to amend the statute to increase the fees permitted for notarization. That bill has been enacted and it is effective July 1, 2002.

The newly enacted amendment provides for the following notary fees:

$2.50 for administering an oath or taking an affidavit;
$2.50 for taking proof of a deed; and
$2.50 for taking all.

Of particular interest to the title industry, the newly enacted amendment allows a single per transaction charge of $15.00 for notarizing all signatures of the grantors in real estate transactions and $25.00 for mortgagors, regardless of the number of signatures to be notarized in the transaction.

If you have any questions concerning the proper charge under the Rate Manual, please do not hesitate to call our office.

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.

References

Bulletins Replaced:
None
Related Bulletins:
NJ000061 Notary Class Action
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None