(a) A person applying for a commission as a notary public without limitation under AS 44.50.010(a)(1) shall execute an official bond of $2,500 and submit the bond with the application under AS 44.50.032. The bond must be for a term of four years from the date of commission.
(b) The lieutenant governor shall keep a bond submitted under this section for two years after the end of the term of the commission for which the bond was issued. Disposition of the bond after the end of the commission does not affect the time for commencing an action on the bond.