A notarial commission is not effective until:

1. (1) the notary named in the commission takes a constitutional oath of office and files a $5,000 bond with the lieutenant governor that:

   1. (a) 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
   2. (b) conditions payment of bond funds to any person upon the notary's misconduct while acting in the scope of the notary's commission; and
2. (2) the oath and bond are approved by the lieutenant governor.