Frequently Asked Questions (FAQ)
Bond Amount is $7,500.00. Standard Rate is 0.500% per 10 years; with a minimum premium of $50.00.
ARKANSAS-NOTARY BOND
How much does a Notary Bond cost in Arkansas?
Notary Bond in the state of Arkansas (also known as a Notary Bond or notary bond) is a form of financial guarantee that a notary is required to obtain to conduct their activities in the state of Arkansas. This bond serves to protect consumers and the government from fraudulent actions, contract violations, or other issues related to the notary’s activities.
What does a notary do in Arkansas?
A notary is an official appointed by the state to certify signatures on documents and perform legally significant actions. The primary duty of a notary is to authenticate the signature and identity of the signer, as well as to protect the rights of parties when concluding transactions. To ensure the legality of their actions, the notary is required to obtain a notary bond, which provides financial protection to consumers in case of errors or violations by the notary.
Key points to know about a notary bond in Arkansas:
- License requirement: In Arkansas, notaries are required to provide a notary bond as part of the licensing process to conduct their activities.
- Consumer protection: If a notary violates contract terms, provides false information, or infringes on clients’ rights, consumers or government agencies can file a claim against the bond to recover damages.
- Bond amount: The amount of a notary bond for notaries in Arkansas is $7,500.00. The notary pays only a portion of this amount in the form of a premium, which is 0.500% for 10 years, with a minimum premium of $50.00.
- Notary obligations: Notaries are required to comply with all laws and regulations governing their activities. Violating these rules may result in claims against the bond.
Example: How Boris Lost His Notary Bond
Boris, a notary in Arkansas, made a mistake while certifying an important document by providing false data. As a result, a client affected by his actions filed a claim against the notary bond. This led to Boris losing his bond and license, which became a serious blow to his professional career. Boris can no longer continue his work as a notary without the required bond.
Notary bond amount and terms in Arkansas
The amount of the notary bond in Arkansas is $7,500.00. The standard rate is 0.500% for 10 years, with a minimum premium of $50.00. The standard bond term is 10 years. No multi-year discounts are offered.
Other types of bonds can be found on the Bensme website.
Frequently Asked Questions
How much does a notary bond cost in Arkansas?
The cost of a notary bond for notaries in Arkansas is 0.500% of the bond amount for 10 years. The minimum premium is $50.00.
Why does a notary in Arkansas need a bond?
Notaries in Arkansas are required to obtain a bond to protect their clients from potential losses caused by violations of their rights or legal errors. The bond provides financial protection in case of claims against the notary.
What protection does a notary bond in Arkansas provide?
The bond protects clients and government agencies from losses caused by legal violations, fraud, or misconduct by notaries.
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Execution Notes
Bond is electronically signed by the Surety Attorney in Fact.
Filing Method
Executed bond must be filed with the obligee by agent/principal.
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