OLR BILL ANALYSIS

HB 5182

AN ACT CONCERNING A CHANGE REGARDING THE FINANCIAL SECURITY OF LOTTERY SALES AGENTS.

SUMMARY:

This bill expands the types of security the Connecticut Lottery Corporation (CLC) president may require lottery sales agents to provide in order to ensure that the agents perform their duties to the corporation. Under current law, the CLC president may require them to provide surety bonds as proof of financial security. The bill authorizes the CLC president to also require letters of credit or other forms of security she deems acceptable.

The agents' duties include selling lottery tickets and depositing the revenue, minus their agent's compensation and the prize money, in a special account for lottery proceeds.

EFFECTIVE DATE: July 1, 2012

COMMITTEE ACTION

Banks Committee

Joint Favorable

Yea

17

Nay

0

(03/15/2012)