A notary public who has a direct financial or beneficial interest in a transaction shall not perform any notarial act in connection with such transaction.
For purposes of this section, a notary public has a direct financial or beneficial interest in a transaction if the notary public:
(a) With respect to a financial transaction, is named, individually, as a principal to the transaction.
(b) With respect to real property, is named, individually, as a grantor, grantee, mortgagor, mortgagee, trustor, trustee, beneficiary, vendor, vendee, lessor, or lessee, to the transaction.
For purposes of this section, a notary public has no direct financial or beneficial interest in a transaction where the notary public acts in the capacity of an agent, employee, insurer, attorney, escrow, or lender for a person having a direct financial or beneficial interest in the transaction.
(Added by Stats. 1977, Ch. 1009.)