11 Va. Admin. Code § 5-31-50

Current through Register Vol. 41, No. 6, November 4, 2024

Section 11VAC5-31-50 - Bonding of lottery retailers

A. A lottery retailer shall have and maintain a surety bond from a surety company entitled to do business in this Commonwealth. The surety bond shall be in an amount as deemed necessary to secure the interests of the Commonwealth and the agency, in the sole discretion of the director, and shall be payable to the agency and conditioned upon the faithful performance of the lottery retailer's duties.

B. The agency may establish a sliding scale for surety bonding requirements based on the average volume of lottery ticket sales by a retailer to ensure that the Commonwealth's interest in tickets to be sold by a licensed lottery retailer is adequately safeguarded.

C. Prior to issuance of a license, every lottery sales agent shall either (i) be bonded by a surety company entitled to do business in this Commonwealth in such amount and penalty as may be prescribed by the regulations of the department or (ii) provide such other surety as may be satisfactory to the director, payable to the agency, and conditioned upon the faithful performance of his duties. Such alternate surety instruments or arrangements may include, but not be limited to, a combination of surety instruments, including cash.

11 Va. Admin. Code § 5-31-50

Derived from Virginia Register Volume 19, Issue 15, eff. May 7, 2003; amended, Virginia Register Volume 28, Issue 26, eff. September 26, 2012; Amended, Virginia Register Volume 31, Issue 03, eff. 11/5/2014.

Statutory Authority: §§ 2.2-4007.02 and 58.1-4007 of the Code of Virginia (11VAC5-11-10, 11VAC5-11-20) .

§ 58.1-4007 of the Code of Virginia (all other sections).