Alaska Notary Public Bond: A Comprehensive Guide
At a Glance:
- Average Cost: $50 for a four-year term
- Bond Amount: $2,500
- Who Needs it: All notaries public operating in Alaska
- Purpose: To ensure the public receives compensation for financial harm if the notary fails to properly perform their duties
- Who Regulates Notaries Public in Alaska: The Alaska Notary Public Office
Background
Alaska Statute 44.50.010 requires all notaries operating in the state to become commissioned by the Lieutenant Governor before notarizing documents. The Alaska legislature enacted this requirement to ensure that notaries engage in ethical business practices. To provide financial security for the enforcement of the commission requirement, notaries must purchase and maintain a $2,500 surety bond to be eligible for a commission.
What is the Purpose of the Alaska Notary Public Bond?
Alaska requires notaries to purchase a surety bond as part of the application process to obtain a notary commission. The bond protects the public from financial harm if the notary fails to comply with the regulations outlined in Alaska Statute 44.50.034. Specifically, the bond protects the public if the notary signs any documents for persons committing fraud or does not actually witness the signatures on documents being notarized. In short, the bond is a type of insurance that protects the public if the notary violates the terms of their commission.
How Can an Insurance Agent Obtain an Alaska Notary Public Surety Bond?
BondExchange makes obtaining an Alaska Notary Public bond easy. Simply log in to your account and use our keyword search to find the “Notary” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone at (800) 438-1162, email, or chat from 7:30 AM to 7:00 PM EST to assist you.
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Is a Credit Check Required for the Alaska Notary Public Bond?
No, a credit check is not required for the Alaska Notary Public bond. Because the bond is considered relatively low risk, the same low rate is offered to all notaries in Alaska regardless of their credit history.
How Much Does the Alaska Notary Public Bond Cost?
The Alaska Notary Public bond costs just $50 for a four-year term.
How Does Alaska Define “Notary Public”?
The Office of the Alaska Lieutenant Governor defines a notary public as a person who serves as an impartial and unbiased witness, with duties prescribed by law.
How Do Notaries Apply for a Commission in Alaska?
Notaries in Alaska must navigate several steps to obtain a commission. Below are the general guidelines, but applicants should refer to the Notary Public Office’s website for details on the process.
Commission Term: All Alaska Notary Public Commissions are valid for four years and must be renewed before the expiration date
Step 1 – Meet the Qualifications
To be eligible to apply for a notary public commission, applicants must meet all of the following criteria:
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- Be at least 18 years old
- Be an Alaska resident
- Reside legally in the United States
- Have not at any point within the past years:
- Been convicted of a felony
- Have their notary public commission suspended or revoked
Step 2 – Determine the Commission Type
Alaska requires notaries to obtain specific commissions based on the types of documents being notarized. Below are the different types of the Alaska Notary Public Commission:
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- Limited: For notaries that work for federal, state, and municipal authorities and are limited solely to work performed for the notary’s employer
- Regular: For notaries that do not work for a government agency
The remaining steps focus exclusively on how to obtain a regular commission, as limited commission applicants are not required to purchase a surety bond.
Step 3 – Purchase a Surety Bond
Notaries must purchase and maintain a $2,500 surety bond
Step 4 – Complete the Application
All Alaska Notaries Public Commission applications can be completed online here or mailed to the following address:
Office of the Lieutenant Governor
Notary Public Office
PO BOX 110015
Juneau, AK 99811
Notaries must complete the application in its entirety, and pay a $40 fee.
How do Alaska Notaries Renew Their Commissions?
Notaries must reapply for a new commission before their existing one expires, as there is no specific renewal process. All Alaska Notary Public Commissions are valid for four years and must be renewed before the expiration date.
What are the Insurance Requirements for Alaska Notaries?
Alaska does not require notaries to purchase any form of liability insurance as a prerequisite to obtaining a commission. Notaries must purchase and maintain a $2,500 surety bond.
How Do Alaska Notaries File Their Bonds?
Notaries should submit their completed bond forms, including the power of attorney, online here or mail them to the following address:
Office of the Lieutenant Governor
Notary Public Office
PO BOX 110015
Juneau, AK 99811
The surety bond requires signatures, as well as separate notary signatures, from both the surety company that issues the bond and the notary. The surety company should include the following information on the bond form:
- Legal name of entity/individual(s) buying the bond
- Surety company’s name, address, phone number, and email address
- Date the bond is signed
What Can Alaska Notaries Do to Avoid Claims Against Their Bonds?
To avoid claims on their bonds, notaries in Alaska must adhere to all commission regulations in their state. Best practices for avoiding claims include the following:
- Do not leave any notary supplies (seal and journal) in a place where they can be easily stolen
- Do not perform notary services for entities/individuals who are engaged in acts of fraud
- Ensure that the signers of documents are who they say they are and are not misrepresenting themselves
- Witness the signatures of all documents being notarized
- Record all transactions in a notary journal
What Other Insurance Products Can Agents Offer Notaries in Alaska?
Alaska does not require notaries to obtain any form of liability insurance. However, many notaries will consider obtaining errors and omission (E&O) insurance. Bonds are our only business at BondExchange, so we do not issue any form of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.
How Can Insurance Agents Prospect for Alaska Notary Customers?
Alaska conveniently provides a public database of active notaries in the state. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.
What Other States Require Notary Bonds?
29 states and the District of Columbia require notaries to obtain a Notary Bond as a prerequisite to obtaining a commission. Insurance agents should utilize our Main Notary Bond Page for a detailed analysis of the Notary Bond requirements nationwide.