84R10954 LED-F
By: Guillen H.B. No. 3642
A BILL TO BE ENTITLED
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. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2015.