loan signing notary cards questions And answers

loan signing notary cards questions And answers What is a notary public? - ANS A notary public is an official appointed by the county or state after his/her documents and examination results indicate his/her suitability for the job. A notary public has power to: - ANS Administer an oath and affirmations and take depositions and affidavits; Certify copies of power of attorney; Issue protest bills in cases of non-payment or non-acceptance of foreign and inland bills of exchange; Issue acknowledgements in the cases of health-care directives, powers of attorney, mortgages, deeds, grants, transfers, and other such instruments signed by any individual who can establish his/her identity. What is a Surety Bond? - ANS The surety bond protects the public against any notarial act completed improperly, illegally, or negligently by the notary. It is important to note that the notary bond is not an insurance policy for the notary. It is designed only to provide a limited fund for paying out in claims against him. The notary remains personally liable to the full extent of the damage sustained and may be required to reimburse the bonding company for sums paid by the company because of misconduct or negligence of the notary public. The notary bond protects the public against a notary's misconduct or negligence; however, it does not protect the notary. The bond provides coverage for damages to anyone who suffers financially due to a blunder on the part of a notary - whether intentional or not. The guaranteeing company will seek compensation from the notary for any damages it has to pay out on the notary's behalf. What is Errors and Omissions Insurance? - ANS Notaries are liable for any improperly-executed notarial act. Errors and omissions insurance is not a legal requirement, but it is a good idea to have it in order to protect the notary. In the acknowledgment, the notary public certifies that - ANS The signer personally appeared before the notary public on the date and in the county indicated The signer has been identified by the notary through either personal knowledge or satisfactory evidence The signer's acknowledgment executes the document