View Our Newest Version Here

2019 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 4 - Miscellaneous Regulated Industries
Chapter 115 - Arkansas Scholarship Lottery Act
Subchapter 6 - Retailers
§ 23-115-603. Bond Account for Deposit of Bond Fees - Reserve Account to Cover Losses - Retailer Bond

Universal Citation:
AR Code § 23-115-603 (2019)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
  • (a)

    • (1) The Office of the Arkansas Lottery shall require a retailer to post a bond in a sufficient amount as determined by the office.

    • (2) The amount of the bond under subdivision (a)(1) of this section shall not exceed two hundred dollars ($200).

    • (3) The office shall establish a separate account into which bond fees shall be deposited.

    • (4) Moneys deposited into the bond account may be:

      • (A) Invested or deposited into one (1) or more interest-bearing accounts;

      • (B) Used to cover losses the office experiences due to nonfeasance, misfeasance, or malfeasance of a retailer; and

      • (C) Used to purchase blanket bonds covering the office against losses from all retailers.

    • (5) At the end of each fiscal year, the office shall pay to the trust account managed and maintained by the Division of Higher Education any amount in the bond account established under subdivision (a)(3) of this section that exceeds five hundred thousand dollars ($500,000), and the funds shall be considered net proceeds from a lottery.

  • (b)

    • (1) A reserve account may be established as a general operating expense to cover amounts deemed uncollectible.

    • (2) The office shall establish procedures for minimizing any losses that may be deemed uncollectible and shall exercise and exhaust all available options in those procedures before writing off amounts to the reserve account that may be established under subdivision (b)(1) of this section.

Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.