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Texas notary bonds, also known as notary public bonds, are a type of license and permit surety bond that is a prerequisite for being commissioned as a notary public in the state. A notary commission places you in a position of trust that involves witnessing and verifying signatures on important documents.
Invalid or unauthorized signatures on documents such as deeds, wills, mortgage notes, bills of sale, and so on can cause financial harm to innocent parties. For example, a forged signature on a phony power of attorney can enable the forger to obtain credit cards in the person�s name, empty his or her bank accounts, or otherwise defraud the person. Notaries are responsible for ensuring that this does not occur.
A Texas notary bond serves as a notary�s guarantee to perform notarial duties in compliance with applicable laws and the standards of the profession. Specifically, they promise to comply with certain sections of the Texas Government Code, Texas Civil Practice and Remedies Code, and the Secretary of State�s administrative rules from the Texas Administrative Code.
The bond also guarantees that funds will be available to compensate anyone financially harmed by the unlawful or unethical actions of the notary.
Anyone applying for a new Texas notary commission or renewing a commission first must purchase a $10,000 Texas notary bond. Both the notary public commission and the Texas notary bond are good for four years.
The surety bond agreement for a Texas notary bond is a legally binding contract between three parties:
In selling the notary bond, the surety establishes a line of credit for the principal. That line of credit can be accessed to pay claim up to the $10,000 required bond amount (or penal sum).
If the principal is found responsible for an unlawful or unethical act that causes someone a financial loss, the injured party can file a claim against the Texas notary bond. If the surety finds the claim to be valid and cannot negotiate an amicable settlement, the claim will typically be paid by the surety on behalf of the principal. That payment draws down the line of credit by the amount of the claim, which the principal is legally obligated to repay.
A basic $10,000 Texas notary bond typically sells for a flat fee of $50. Notaries often purchase errors and omissions insurance in conjunction with a notary bond, which increases the cost but makes it less likely that claims will be filed against the bond.
Request a convenient online quote today, or discuss your Texas notary bond needs with one of our experienced surety bond specialists.
