Why We Need Notary Bonds
Notary publics are required to have Notary bonds. Most States require these from their notary publics before they can be issued a license. This allows them to notarize a document, which serves as witness signatures or legally approved documents. A notary public also has the authority to administer oaths in depositions.
Why do we need notary bonds?
Position of trust: The notary public holds an important position of trust and represents legal authority. He or she has the legal power to approve important documents. It is important to maintain a certain level of trust to ensure that things are functioning,and that they are operating ethically. A notary bond is a way to enforce this.
For settling claims: In the absence of a notary bond, any complaint against the notary public will have to be settled by the State. This can be become a huge liability; however, with a notary bond, the State is no longer responsible for any financial claims.
Holding Notary Publics accountable for their actions: A notary bond guarantees that the notary public is penalized if he or she acts in an unethical manner. By requiring notary bonds, the State is enforcing that the notary is responsible for his or her actions and will be penalized in case of any misdemeanor.
Professionalism: Without a bond system in place, a notary public will not have any legal agreement to uphold to. The notary bond places the threat of penalty and requires notary publics to act responsibly.