There are 95,000 notaries in Indiana who sign documents and give oaths. A new law will update the regulations that govern their work.
Applicants to become notaries will have to post a bond of $25,000. These bonds protect them when they sign documents improperly and shield their clients from the effects of fraud.
The current bond amount of $5,000 is often not enough to cover settlements against notaries.
The new law also raises the fees notaries are allowed to charge per signature from two to ten dollars.
The other major change deals with residency requirements. Only Indiana residents are allowed to become notaries under the current law, but the new law will extend that opportunity to those who work primarily in the Hoosier state.
The Indiana Secretary of State’s Office oversees the notary commission process. The office wrote in a press release that the new rules will bring the state’s notary laws up-to-date.
The law goes into effect July 1. Current notaries will be grandfathered-in under the new regulations.