TITLE: Relating to the provision by a notary public of certain services related to the closing of transactions.

SUMMARY: Relating to the provision by a notary public of certain services related to the closing of transactions.

FULL TEXT:
AN ACT relating to the provision by a notary public of certain services related to the closing of transactions. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter A, Chapter 406, Government Code, is amended by adding Section 406.026 to read as follows: Sec. 406.026. SIGNING SERVICES. (a) In this section, the term "signing services" means services enabling the process of signing and closing contracts, sales, loans, Internet transactions, and other transactions and making transaction disbursements, whether in electronic or paper form. (b) A person may provide signing services through an office or agent and may employ a notary public for that purpose. (c) A notary public providing a signing service listed under Section 406.024 may charge the fee provided by that section. A notary public providing a signing service other than a service listed under Section 406.024 may charge a fee that is agreed on by the parties to the transaction. (d) A person who provides the signing services of a notary public under this section may serve as a party's payment agent or receiving agent for funds that are related to the closing of the transaction and are binding on the party as principal without being considered a money services business for the purpose of Chapter 151, Finance Code. SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.