Review | How to become a notary public

How to become a notary public

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A notary public is an appointed position by the Secretary of State’s office in a given state. Like many public officials, the State requires that the individual get a notary bond before receiving their appointment. This bond “makes sure” that when the notary violates the public trust through neglect of their responsibilities, finances are available to reimburse the State for its loss.

The main duty of notaries is to ensure that the individual parties to a contract are who they claim to be. The State may experience a loss if the notary fails to properly validate the identity of the parties.

As a public official, the notary harms the public trust by failing in their responsibility to confirm identity. If a Wisconsin notary public doesn’t confirm identity and a loss occurs, an injured party can file a claim against that State for its loss, because the State was negligent through its appointed representative.

A notary bond is a guarantee of payment to the obligee (the State) when losses occur for a penalty amount of the bond. Notary bonds are often provided by a surety company (typically an insurance carrier). The bond generally runs concurrently with the period of a notary’s commission.

You may be familiar with a home insurance policy. If a person has a rental property 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 guarantee that the finances will be available when losses occur. The surety (insurance company) pays the State up to the penalty amount of the bond. However, this loss paid by the surety is not simply written off. The carrier will most likely seek reimbursement from the bonded person, 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 carriers.

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