Currently, the Indiana law requires a notary public to purchase and maintain a $5,000 notary bond for the entirety of their commission. With the recent passing of the Indiana Senate Bill 539, the price of the notary bond has increased from $5,000 to $25,000. The new law is set to take effect on July 1, 2018. The new law permits the notary to furnish a “functional equivalent” to a surety bond in lieu of the bond and provides that the process for accepting and approving the bond or other security will be determined through regulations.
Why is a bond required for a notary public?
An Indiana notary public is a person appointed by the Indiana Secretary of State to acknowledge and witness the signing of documents and administer oaths and affirmations. Any person that qualifies as a notary public in the state of Indiana is required to purchase a surety bond in the amount determined by the state. The surety bond covers acts and omissions of the notary during the course of his or her commission. The law also specifies that the surety issuing the bond is licensed or authorized to do business in Indiana and guarantees the legal liability of a notary public for debt, default, or failure to perform duties of a notary public.
How to become an Indiana notary public
In terms of the bond process, every Indiana notary public applicant is required to complete an electronic application, obtain a notary bond in the amount of $25,000. The bond must then be submitted no more than 30 days after its effective date. In addition to submitting a $25,000 surety bond, all Indiana notary applicants must adhere to the following requirements:
- Minimum 18 years of age
- Citizen or permanent legal resident of the United States
- Resident or primarily employed in Indiana
- Satisfy a continuing education requirement administered by the Secretary of State
- Pass the notary examination administered by the Secretary of State
Once the Indiana Secretary of State approves the application, the commission grants a notary public authorization to perform notarial acts in the state of Indiana for eight years.
Interested in purchasing a notary bond in another state? Contact your bond experts at SuretyBonds.com!