Introduction
Are you a notary public or planning to become one? If so, you need to know about the National Notary Association (NNA) and its rescission calendar for 2024. In this article, we will explain what the NNA is, why the rescission calendar is important, and answer some common questions about the topic.
What is the National Notary Association?
The NNA is a nonprofit organization that represents and serves notaries public in the United States. It was founded in 1957 and has since then been involved in setting standards, providing education and training, and advocating for notaries’ interests.
Why is the Rescission Calendar Important?
The rescission calendar is a list of dates that indicate when notaries can no longer rescind or cancel loan documents they have notarized. This is important because notaries are legally responsible for verifying the identity of signers and ensuring that they understand the documents they are signing.
What is the Rescission Period?
The rescission period is the time during which a borrower can cancel a loan without penalty. For example, in the case of a mortgage loan, the borrower has three business days after signing the loan documents to rescind the agreement. During this time, the notary may also be able to rescind their notarization of the loan documents.
What is the Rescission Deadline?
The rescission deadline is the last day on which a notary can rescind their notarization of loan documents. For example, if the rescission period for a loan ends on a Friday, the notary has until the end of business on the following Monday to rescind their notarization.
Common Questions About the Rescission Calendar
What Happens if a Notary Misses the Rescission Deadline?
If a notary misses the rescission deadline, they may be liable for any damages caused by the loan documents. This could include legal fees, penalties, and other costs.
Can a Notary Rescind Loan Documents Without the Borrower?
No, a notary cannot rescind loan documents without the borrower’s consent. If the borrower does not wish to rescind the loan, the notary must continue with their notarization.
What if the Borrower is Unavailable During the Rescission Period?
If the borrower is unavailable during the rescission period, the notary may not be able to rescind their notarization. In this case, the notary should document their attempts to contact the borrower and their reasons for not being able to rescind the notarization.
Conclusion
As a notary public, it is important to understand the rescission calendar and its implications. The NNA provides valuable resources and education on this topic, and it is recommended that all notaries stay up-to-date with the latest information. Remember, notarizing loan documents is a serious responsibility, and following the rescission calendar is one way to ensure that you are fulfilling your duties ethically and legally.