Here's The Most Scandalous Part Of The Senate's Bill To Bail Out The Banks From Foreclosure-Gate

Earlier we mentioned the bill recently passed by the Senate that will may allow the banks to get out of the foreclosure-gate crisis by lowering the standard for what is a legal document.

John Carney at CNBC points to the actual text and what stands out is that it’s shockingly short.

As Carney notes, this is especially unusual when you consider the length of most financial legislation, and to us it signal: open-ended, blank-slate rush job designed to bail out the banks.

Here’s the full text:

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Begun and held at the City of Washington on Tuesday,
the fifth day of January, two thousand and 10

an act

To require any Federal or State court to recognise any notarization made by a notary public licensed by a State other than the State where the court is located when such notarization occurs in or affects interstate commerce.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.This Act may be cited as the “Interstate Recognition of Notarizations Act of 2010”.

SEC. 2. Recognition of notarizations in Federal courts.Each Federal court shall recognise any lawful notarization made by a notary public licensed or commissioned under the laws of a State other than the State where the Federal court is located if—

(1) such notarization occurs in or affects interstate commerce; and

(2)(A) a seal of office, as symbol of the notary public’s authority, is used in the notarization; or

(B) in the case of an electronic record, the seal information is securely attached to, or logically associated with, the electronic record so as to render the record tamper-resistant.

SEC. 3. Recognition of notarizations in State courts.Each court that operates under the jurisdiction of a State shall recognise any lawful notarization made by a notary public licensed or commissioned under the laws of a State other than the State where the court is located if—

(1) such notarization occurs in or affects interstate commerce; and

(2)(A) a seal of office, as symbol of the notary public’s authority, is used in the notarization; or

(B) in the case of an electronic record, the seal information is securely attached to, or logically associated with, the electronic record so as to render the record tamper-resistant.

SEC. 4. Definitions.In this Act:

(1) ELECTRONIC RECORD.—The term “electronic record” has the meaning given that term in section 106 of the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7006).

(2) LOGICALLY ASSOCIATED WITH.—Seal information is “logically associated with” an electronic record if the seal information is securely bound to the electronic record in such a manner as to make it impracticable to falsify or alter, without detection, either the record or the seal information.

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