"Surety" means an entity that:

1. (1) is licensed or authorized to do the business described in subdivision (2) in Indiana; and

2. (2) guarantees the legal liability of a notary public for:

   1. (A) debt;
   2. (B) default; or
   3. (C) failure to perform a duty of a notary public.

As added by P.L.59-2018, SEC.40.