How to become a notary public
By randomguy. Filed in Random |
A notary public is an appointed position by the Secretary of State's department in a given state. Like most public officials, the State specifies that the individual get a surety or notary bond before receiving their commission. This bond "makes sure" that when the notary violates the public trust through neglect of their responsibilities, funds are set aside to indemnify the State for its loss.
The primary responsibility of notaries public is to ensure that the individual parties to an agreement are who they claim to be. The State may suffer a loss if the notary public forgets to properly confirm the identity of the parties.
As a public official, the notary harms the public trust by failing in their responsibility to confirm identity. If an Arizona notary public doesn't confirm identity and a loss occurs, an injured party can file a claim against that State for the loss, because the State was negligent through its appointed representative.
A surety bond is a guarantee of payment to the obligee (the State) if losses occur for a penalty amount of the bond. Notary bonds are generally provided by a surety company (typically an insurance carrier). The bond usually runs concurrently with the term of a notary's commission.
You may be familiar with a homeowners insurance policy. If a person has a home insurance in Indiana claim, the insurance company pays the loss and writes off the loss. You aren't required to reimburse the company for the claim. Unlike a property insurance policy however, a notary bond is simply a promise that the funds will be available should losses occur. The surety (insurance company) makes a payment to the State up to the penalty amount of the bond. However, this claim paid by the carrier is not simply written off. The carrier will most likely seek reimbursement from the bonded party, the notary themself.
A notary bond protects the public. Who protects the notary? Insurance coverage is available to provide this protection - it's called Notary Public Errors and Omissions and may also be purchased for a nominal fee from insurance companies.