Amendment #5 to H4989

Notarization

Mr. Jones of North Reading moves to amend the bill, as amended, in section 3, by striking the definition of “closing” and replacing with the flowing definition:-

“Closing,” the consummation of a transaction between parties for the purpose of granting a mortgage or otherwise transferring title to a one to four family residential dwelling, including the execution of documents necessary to accomplish the valid and proper transfer of title and the transfer of the consideration for the conveyance, whether done simultaneously with or subsequent to the execution of documents for the transfer of title; provided, however, that any transaction in which the consideration for the transfer of title is evidenced solely by a home equity loan or line of credit that is secured by a mortgage on a residential dwelling with 4 or fewer separate households, does not involve the issuance of a lender’s or mortgagee’s policy of title insurance in connection with such transaction.;

And moves to further amend in section 3 by striking section 46E(b) and replacing with the following:-

(b) Notwithstanding any general or special law to the contrary, no person, unless that person has been admitted as an attorney in the commonwealth and has not been disqualified from the practice of law due to resignation, disbarment or suspension or placed on inactive status, shall (i) direct or manage a  closing ; or (ii) take the following actions in preparation for, or in furtherance of, a closing:

(1) giving or furnishing legal advice as to the legal status of title;

(2) ensuring that the seller, or the borrower-mortgagor in a mortgage refinancing transaction, is in a position to convey marketable title to the residential property at issue;

(3) issuing a certification of title pursuant to section 70 of chapter 93;

(4) drafting a deed to real property on behalf of another;

(5) ensuring that the documents necessary for the transfer of title are executed and acknowledged  in accordance with the laws of the commonwealth; or

(6) disbursing, or managing the disbursement, of consideration for the conveyance.