(1) During the time that this section applies, a register of deeds shall accept electronic documents for recording. If a register of deeds does not have the equipment to accept an electronic document, the register of deeds shall accept for recording a tangible copy of an electronic document properly notarized under the Michigan law on notarial acts, 2003 PA 238, MCL 55.261 to 55.315.

    (2) During the time that this section applies, a register of deeds need only act in substantial compliance with this act and any standards established by the electronic recording commission.

    (3) During the time that this section applies, a register of deeds shall deem all financial institutions and all title insurance companies or their employed or contracted settlement agents as covered by an agreement establishing a verified transactional relationship for purposes of section 4(4). The register of deeds may ask the financial institution or title insurance company for verification of a notary's employment or contractual association.

    (4) A financial institution shall accept a document or electronic document recorded by a register of deeds under this section.

    (5) This section applies after April 29, 2020 and before July 1, 2021.