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CO Administrative Rule (2024 -- Disclosure of Fees)

Rule/Regulation

State: Colorado

Effective: April 30, 2024

Summary

The Colorado Secretary of State has adopted an administrative rule regarding matters related to fees that will affect all Notaries who charge fees and independent contractors who are Notary Signing Agents.

Affects

Adds Rule 2.4 to Title 8, Chapter 1505-11 of the Colorado Code of Regulations.

Changes
  1. Provides if a Notary Public charges for performing a notarial act or for any additional service provided at the time of performing the notarial act, the Notary Public must: (a) Inform the customer, verbally or in writing, of those charges before performing the notarial act; and (b) Provide to the customer, either before performing the notarial act, or at the time of signing, or immediately thereafter, a written document that lists the specific fee or fees charged for any notarial acts.
  2. Clarifies that a zero charge must be indicated on the document if no fee for the notarial act is charged.
  3. Requires any other fees the Notary Public is charging at the same time the notarial acts are performed to be listed on the document.
  4. Clarifies that the listing of fees may be included in a closing statement, itemized invoice, receipt, transaction summary, or any other similar document that lists the fee charged for the notarial acts.
  5. Provides that if a Notary Public fails to provide a document listed in Rule 2.4.1(b) that itemizes the amount of the specific charge for any notarial act, the amount charged for those notarial acts will be presumed to exceed the statutory fee limit in CRS 24-21-529.
  6. Clarifies that Rules 2.4.1 and 2.4.2 do not apply to notarial acts performed by an employee of a title company as part of services provided by the title company in conjunction with the business of title insurance, as defined in CRS 10-11-102(3), or closing and settlement services, as defined in CRS 10-11-102(3.5), or settlement services, as defined in CRS 10-11-102(6.7).
Analysis

A new rule from the Colorado Secretary of State concerns the charging of fees by Notaries and how those fees are communicated to customers. According to the Statement of Basis, Purpose, and Specific Statutory Authority (see below in the link provided), “[t]hese rule changes were proposed and are being permanently adopted here because the Department has received various complaints related to whether a Notary Public has charged more than the statutorily authorized amount for a notarial act.”

Notaries now must verbally or in writing inform the customer of the charges for the notarial act(s) and any ancillary fees to be charged along with the notarial acts before performing the notarial act(s). No timeframe is provided for this notification. Then, the Notary must provide an itemized document, invoice, summary, or receipt that lists the specific charges. This document must be provided before, at the time of, or immediately after the appointment at which the notarizations are performed.

The rule provides a carve-out for Notaries who are employees of title companies, but the rule applies to Notaries who are independent contractors operating as Notary signing agents.

Read the adopted administrative rule.

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