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: NJ000068
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Bulletin: NJ000068
Dear Associates:
As we had advised you in Bulletin No. NJ000061, a class action suit was brought against various title agents in this state concerning amounts charged for notary fees alleged to have been in excess of the statutory limits. The suit has now been resolved by the payment of a considerable settlement funded by the title industry. As part of the settlement, the defendants are required to distribute a copy of the attached "Court-Approved Notice to Agents, Employees and Other Persons" which outlines the fees which may be legally charged in connection with notarization. Although we are not a party to the suit and have no obligation to distribute the Court-Approved Notice, we attach a copy of the Court-Approved Notice for your information and review. Please read the Court-Approved Notice and distribute copies to all employees in your operation.
As we previously informed you, effective July 1, 2002, the statute concerning notary fees was amended. As of that date, only the following charges may be made for notary fees:
- $2.50 for administering an oath or taking an affidavit
- $2.50 for taking proof of a deed
- $2.50 for taking all acknowledgments
- $15.00 flat charge for notarizing all signatures of the grantors in a real
estate transaction, regardless of the number of signatures to be notarized
in the transaction
- $25.00 flat charge for notarizing all signatures of mortgagors in the financing of real estate, regardless of the number of signatures to be notarized in the transaction
Failure to abide by the terms of the Court's order may subject you to liability and a possible contempt of court citation. You are also reminded that all other charges in connection with settlement services must be made in accordance with the New Jersey Rate Manual.
Please call this office if you have any questions.
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF NEW JERSEY
GASKILL, et al.:
v:
FIDELITY NATIONAL TITLE INSURANCE:
COMPANY OF NEW YORK, et al.:No. 1:00-03620 (JEI)
COURT-APPROVED NOTICE TO AGENTS, EMPLOYEES AND OTHER PERSONS
Pursuant to Court Order, effective June 13, 2002, if you choose to charge notary fees, you are required to charge those fees in accordance with N.J.S.A. 22A:4-14, which was recently amended, effective July 1, 2002. The statute, as amended, provides a charge of $2.50 for administering an oath or taking an affidavit, $2.50 for taking proof of a deed and $2.50 for taking all acknowledgements. More importantly, the statute permits a "flat" charge for performing notary services in a real estate transaction. The statute states that $15.00 may be charged for administering oaths, taking affidavits, taking proofs of a deed, and taking acknowledgements of the grantors in the transfer of real estate, regardless of the number of such services performed in a single transaction to transfer real estate. The statute also provides that $25.00 may be charged for administering oaths, taking affidavits and taking acknowledgements of the mortgagors in the financing of real estate, regardless of the number of such services performed in a single transaction.
Note that the Court Order issued in this case also provided that as to settlement-related services set forth in the New Jersey Land Title Insurance Rating Bureau Manual of Rates and Charges, as revised, or as approved by the Commissioner of Banking and Insurance, you are required to charge the amounts set forth in that manual, or as approved by the Commissioner of Banking and Insurance. If you fail to follow the Court Order, you may subject yourself to liability and be found in contempt of Court.
Dated: August 27, 2002
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None