Arkansas Notary Bonds
Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all your Arkansas notary bond needs.
What Are They?
Understanding the important role a notary plays in fraud prevention is essential to understanding what an Arkansas notary bond is and how it works. A notary commissioned by the Arkansas Secretary of State is responsible for verifying the identity of an individual signing certain important papers, witnessing the signing, and affixing an official seal attesting to the authenticity of the signature.
Some documents that require notarization include:
- Powers of attorney
- Certificate of title
- Loan agreements
- Trust documents
These documents can be used to prove the truth of a matter, transfer property, or confer control of assets or decision-making authority. A forged signature could cause serious financial harm to an innocent party.
An Arkansas notary bond requires a notary to comply with all applicable laws and rules in the performance of their notarial duties. Failure to do so can result in claims being filed against the bond by those incurring a financial loss due to the notary’s unlawful or unethical actions.
Who Needs Them?
Anyone applying to the Secretary of State’s office for a new or renewal notary commission must purchase an Arkansas notary bond in the amount of $7,500 (the bond’s “penal sum”) to protect the public. Because a claim can easily exceed $7,500, notaries usually purchase errors and omissions insurance as well for their own financial protection. The bond must have the same ten-year term as the notary commission.
Speak with a Surety Bond Professionals agent today to discuss your bonding needs.
How Do They Work?
The surety bond agreement for an Arkansas notary bond is a legally binding contract between three parties. In the language of surety bonds, these are:
- The “obligee”—the Arkansas Secretary of State.
- The “principal”—the notary public.
- The “surety”—the company underwriting and issuing the bond.
Any violation of the terms of the surety bond agreement that results in financial harm entitles the injured party to file a claim for compensation up to the bond’s full penal sum. Although the principal is legally obligated to pay claims, the surety typically pays a valid claim on behalf of the principal and gives the principal some time to repay that debt.
What Do They Cost?
Arkansas notary bonds are sold for a set premium amount as low as $50, with no underwriting.
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Our surety bond professionals will get you the Arkansas notary bond you need at a competitive rate.