La. Admin. Code tit. 42 § XV-539

Current through Register Vol. 50, No. 11, November 20, 2024

Section XV-539 - Proceeds from Ticket Sales

A. All proceeds from the sale of lottery tickets received by a retailer shall constitute a trust fund until paid to the corporation either directly or through the corporation's authorized collection representative. A retailer shall have a fiduciary duty to preserve and account for lottery proceeds and retailers shall be personally liable for all proceeds. Proceeds shall include unsold instant tickets received by a retailer and cash proceeds of sale of any lottery products, net of allowable sales commissions and credit for lottery prizes to winners by retailers. Sales proceeds and unused instant tickets shall be delivered to the corporation or its authorized collection representative upon demand. Retailers shall place all lottery proceeds due the corporation in accounts in institutions insured by the Federal Deposit Insurance Corporation not later than the close of the next banking day after the date of their collection by the retailer until the date they are paid over to the corporation. The corporation may require a retailer to establish a single separate electronic funds transfer account, where available, for the purpose of receiving monies from ticket sales, making payments to the corporation, and receiving payments from the corporation. Failure to have sufficient funds available to cover an electronic funds transfer to the corporation's account shall be a cause for suspension or termination of a retailer's contract and license. Unless otherwise authorized in writing by the corporation, each retailer shall establish a separate bank account for lottery proceeds which shall be kept separate and apart from all other funds and assets and shall not be commingled with any other funds or assets. This Section shall apply to all lottery tickets generated by computer terminal or other electronic devices and any other tickets delivered to retailers.

La. Admin. Code tit. 42, § XV-539

Promulgated by the Louisiana Lottery Corporation in The State Times on May 21, 1991, repromulgated LR 26:713 (April 2000).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:9001 et seq.