Bulletin: NJ000063

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.