S.C. Code Regs. § § 44-90.10

Current through Register Vol. 48, No. 10, October 25, 2024

Section 44-90.10 - Financial Administration and Procedures for Collection of the Proceeds of Lottery Games

A. All lottery retailers are required to make weekly payment for sales using the Electronic Funds Transfer (EFT) system through a dedicated bank account. The lottery retailer is required to establish an account for this purpose with a financial institution participating in the Automated Clearing House (ACH) Network. All amounts due must be deposited to the designated bank account in accordance with Section 59-150-190(B). Partial deposits or payments are not permitted and have no effect in reducing the lottery retailer's liability to SCEL.

B. The lottery retailer will receive a weekly notice from SCEL or through such reporting system or equipment as SCEL may designate, indicating the amount due to SCEL from the lottery retailer. Before 2:00 PM on every Wednesday, or should a banking holiday or other bank closing occur on Wednesday, before 2:00 PM on the immediately following Thursday, the retailer must deposit funds, equal to the amount due to SCEL. Funds must be transferred to SCEL from this account each week. If the balance for the preceding week is a credit due, the amount of the credit due must be transferred to the account of the lottery retailer by SCEL in the following week. The Executive Director may revise or amend the times for making deposits required by this item, upon reasonable notice to the lottery retailer, when it is necessary for the efficient operation of SCEL.

C. SCEL shall not sell or deliver any lottery games or other products to the lottery retailer if the lottery retailer is delinquent in any payment.

D. When a lottery retailer indicates an intent to discontinue the sale of lottery products, any amount owed SCEL by the lottery retailer becomes due immediately, and the lottery retailer shall deposit the amount due in accordance with subsection (B) above.

E. SCEL may combine individual debts owed to SCEL by a lottery retailer for the purpose of issuing a combined assessment.

S.C. Code Regs. § 44-90.10

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