Wednesday, December 31, 2014

NotaryCam hopes to become the "Uber of Notaries Public"

Why is this important to notaries public?

NotaryCam hopes to become the "Uber of Notaries Public."  The concept of webcam notarization is alarming for several reasons.  Be sure to read comments by your curator (below).

Interview with Rick Triola of NotaryCam on Becoming the Uber of Notaries

When you think of cutting-edge technology, the age-old, bureaucratic necessity of document notarization probably doesn’t immediately spring to mind. However, NotaryCam is helping to bring document notarization into the digital age by offering customers the opportunity to have documents signed and notarized securely and in real-time – anywhere in the world. We had the chance to sit down with NotaryCam founder Rick Triola and learn about the origin of NotaryCam and his plans for the future of the company.

EQ: Can you give us a brief overview of NotaryCam and a little bit on the history of the service?
Triola: NotaryCam is the first global online notarization platform. My prior concentration focused on delivering a complete paperless and electronic real estate/mortgage transaction, from which we came to understand the notary as the integral trusted party in every single transaction (on average approximately eight notarizations per transaction to close.) Fast forward to July 1, 2012, when Virginia passed legislation for a remote video conference notarization, it allowed us to leapfrog over the lack of national notary standards. A certified e-notary in Virginia is now capable, through our secure platform, to notarize documents regardless of where the signer is, anytime and from anywhere.

READ MORE--but only after you read the comments below!

Comments from your News! Notary News! Curator:

Webcam notarizations have  been a concern to traditional notaries public and their positions in business and commerce since 2010. Is there a place for webcam notaries?  Sure.  They will work well for certain corporate transactions, government agencies, and other tightly controlled environments.

Problems with webcam notarization in mainstream business, real estate, and probate matters will develop. Forget about the dramatic scenario of "a gun held off camera to the head of the signer."

The larger concerns are:

(1) Third parties being involved in notarial acts.  When notarial acts are completed in this fashion, the transactions are no longer between the notary and the parties conducting business.  The platform providers (such as NotaryCam, for instance) also become involved.

(2) The venue stated on the notarial certificate no longer represents the location at which a notary and signer come together and complete a transaction.  The venue now indicates the location of the notary.  It doesn't take a Harvard lawyer to see how this changes the purpose of a venue statement on a notarial certificate or the impact it will have on matters of evidentiary importance in court cases.

(3) The security of journals is no longer within the control of a notary.  The information is shared with a platform provider.

While Virginia has put electronic webcam notarial laws in place, the rest of the U.S.A. (and, perhaps the world) has to wonder if legislators saw their progressive notarial laws becoming an enterprise for platform providers.

We will not see restrictions put on enterprising platform providers until a few transactions blow up in the faces of states outside of Virginia.  At that time, states' lawmakers will be forced to look at whether they will continue to accept notarizations produced by notaries in Virginia.

Happy NNN reading!  



Site: Equities dot com

Date: December 8, 2014 1:38PM

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