Section Tax 61.05 - Fidelity bond(1) The Wisconsin lottery may require from each retailer a fidelity bond or an irrevocable letter of credit, or both, in the amount determined by the administrator and based upon the applicant's projected lottery ticket sales. The administrator may also require from each retailer the payment of interest for any outstanding unpaid balance that results from a dishonored retailer's check or electronic funds transfer, under s. Tax 61.08(14) (d).(2) The bond shall be payable upon the order of the Wisconsin lottery and may be obtained through an insurance agency or a bond and surety company. No individual bond may be less than $500.00. The letter of credit shall be drawn upon a financial institution with offices within the borders of the state of Wisconsin, and shall be drafted in a manner that allows the lottery to draw upon it without additional action taken by the retailer. No letter of credit may be accepted for which the lottery must pay a sum before it can draw upon the letter of credit.Wis. Admin. Code Department of Revenue Tax 61.05
Cr. Register, March, 1989, No. 399, eff. 4-1-89; CR 01-088: am. (1) Register February 2002 No. 554, eff. 3-1-02; CR 04-083: am. (1) and (2) Register April 2005 No. 592, eff. 5-1-05. Section Tax 61.05 interpretss. 565.10(13), Stats.