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Critical Information on the Closing Disclosure and Federal Waiting Period

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  Critical Information on the Closing Disclosure and Federal Waiting Period The information below is essential for all parties involved in a mortgage closing— borrowers , lenders , notaries , and signing services —to ensure compliance with federal law and protect consumer rights. The Three-Business-Day Rule and Federal Law Federal regulations under the TILA-RESPA Integrated Disclosure (TRID) Rule strictly mandate a three-business-day waiting period between a borrower's receipt of the final Closing Disclosure (CD) and the actual closing of the loan. Violation of Federal Law: A lender is violating federal law if they attempt to close a loan less than three business days after the CD was delivered to the borrower. Lender Penalties: Lenders that violate the TRID Rule face serious consequences, including penalties, fines, and legal action from regulatory bodies like the Consumer Financial Protection Bureau (CFPB). In some rare cases, the lender may even be forced to withdraw the...

Great News for NC Drivers: New Law Cuts DMV Lines and Allows More Online Renewals and What It Mean For Notaries Public

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  Big changes are here for North Carolina drivers! New laws, including Senate Bill 245 , aim to significantly reduce wait times and eliminate thousands of in-person visits to the Division of Motor Vehicles (DMV) offices across the state. The online renewal changes took effect in October and are already making an impact. Here are the key provisions you should know: 1. Easier Driver's License Renewals Online (S.B. 245) Standard Licenses: Residents with a standard (non-REAL ID) driver's license can now renew their license two consecutive times online . This extends the time before an in-person visit is required from 16 years to up to 24 years . REAL IDs & In-Person Photos: Even if you have a REAL ID, you can now renew your license online for a second consecutive time if you had a new photo taken during the previous in-person renewal. Federal law still requires a new photo every 16 years for REAL IDs, necessitating an in-person trip at that interval. State officials noted th...

Don't Let an Expired ID Stop Essential Care: The Homebound Notary Program and a Call to Action

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  For homebound residents in North Carolina—particularly the elderly in assisted living and nursing facilities—accessing essential services is vital. However, a silent, yet significant, barrier often stands in the way of critical legal and financial tasks: expired identification .     Due to the strict legal requirements in North Carolina, notaries public are generally prohibited from accepting expired forms of identification to verify a signer's identity. This crucial safeguard against fraud means that a person's driver's license or state ID card must be current and unexpired for them to get important documents like wills, powers of attorney, or healthcare directives notarized. For those who cannot leave their facility to visit the DMV, this regulation can create devastating delays and complications in managing their affairs.   This is where the Homebound Notary Program , and the dedicated mobile notaries who participate, become indispensable.   What is t...

What Does “Signed Under Seal” Mean in North Carolina?

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When it comes to legal documents, some seemingly archaic terms can carry significant legal implications. One such term is “SEAL.” In North Carolina, the presence of this word on a legal document can extend the statute of limitations for filing a lawsuit related to that document from the standard three years to a full ten years. This blog will unpack the meaning of “signed under seal,” its historical roots, and how it is recognized under North Carolina law. Understanding N.C.G.S. § 1-47 North Carolina General Statute § 1-47 sets a 10-year statute of limitations for certain legal actions, including those involving sealed instruments or documents conveying interests in real property. Here’s a simplified breakdown: Sealed Instruments: A sealed instrument refers to a document signed by a party and marked with a seal or the word “SEAL” adjacent to the signature. If a contract or legal document is executed under seal, parties have 10 years to bring legal action regarding disputes related to...

Educating vs. Advising: Why Notaries Cannot Provide Legal Advice

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  As a notary, your role is to serve as an impartial witness to the signing of important documents, ensuring they are executed correctly and authentically. However, a common question arises: where do you draw the line between educating others and providing legal advice? Understanding this distinction is essential to avoid engaging in the unauthorized practice of law (UPL). Educating vs. Advising: The Key Difference Educating (Permissible) Educating involves providing factual, neutral information without interpreting or applying it to the signer’s specific situation. For instance: Example: Explaining the term "seal" by stating, "In legal documents, the term 'seal' often indicates that the document is intended to have a longer enforceability period. This is a standard legal formality and not just decorative." Such explanations provide general knowledge that anyone can benefit from without crossing into the realm of advice. Advising (Prohibited) Advising occur...