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(1) A notarial commission is not effective until:
(a) the notary named in the commission takes a constitutional oath of office and files a $5,000 bond with the lieutenant governor that:
(i) a licensed surety executes for a term of four years beginning on the commission's effective date and ending on the commission's expiration date; and
(ii) conditions payment of bond funds to any person upon the notary's misconduct while acting in the scope of the notary's commission; and
(b) the lieutenant governor approves the oath and bond described in Subsection (1)(a).
(2) In addition to the requirements described in Subsection (1), a remote notary certification described in Section 46-1-3.5 is not effective until:
(a) the notary named in the remote notary certification files with the lieutenant governor evidence that the notary has obtained $5,000 of bond coverage, in addition to the bond coverage described in Subsection (1)(a), that:
(i) a licensed surety executes for a term that begins on the certification's effective date and ends on the remote notary's commission's expiration date; and
(ii) conditions payment of bond funds to any person upon the remote notary's misconduct while acting in the scope of the remote notary's commission; and
(b) the lieutenant governor approves the additional bond coverage described in Subsection (2)(a).