S.C. Code Regs. § § 44-90.30

Current through Register Vol. 48, No. 11, November 22, 2024

Section 44-90.30 - Financial Accounts

A. Education Lottery Account--The Executive Director shall implement through the State Treasurer's Office an Education Lottery Account in accordance with applicable provisions of state law, and any applicable rules.

B. Prize Disbursement Account--The Executive Director shall establish a Prize Disbursement Account, in a private banking institution, which shall permit the immediate payment of lottery prizes, by check, to the winners.

(1) As nearly as practical, the total expenditures from the Prize Disbursement Account combined with any prizes paid by the lottery retailers, shall be no less than forty-five percent (45%) of gross amount received from the sale of lottery games.

(2) Access to the account for purposes of drawing checks shall be limited to those persons expressly authorized by the Executive Director to operate secure check writing machines and who are provided security keys and computer keys for their operation incident to their official duties.

(3) All checks issued from the Prize Disbursement Account shall prominently display the logo of the Lottery.

(4) Checks in payment of prizes drawn upon the Prize Disbursement Account may be issued under the signature of the Executive Director, his or her designee, or the authorized facsimile of his or her signature.

(5) The agency shall settle lottery retailer accounts no less frequently than weekly, unless the Executive Director specifies a different time.

(6) The Executive Director may make payments from the Prize Disbursement Account to lottery retailers for purposes of refund or credit for unsold tickets, other ticket sales adjustments or instant game account adjustments.

S.C. Code Regs. § 44-90.30

Added by State Register Volume 26, Issue No. 6, Part 2, eff June 28, 2002.