Iowa Code 99G.28 – Proceeds held in trust
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Terms Used In Iowa Code 99G.28
- cash: means United States currency. See Iowa Code 99G.30
- Division: means the Iowa lottery division of the department of revenue. See Iowa Code 99G.3
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- lottery products: means any game of chance approved and operated pursuant to this chapter and games using mechanical or electronic devices, provided that the division shall not authorize a monitor vending machine or a player-activated gaming machine that utilizes an internal randomizer to determine winning and nonwinning plays and that upon random internal selection of a winning play dispenses coins, currency, or a ticket, credit, or token to the player that is redeemable for cash or a prize, and excluding gambling or gaming conducted pursuant to chapter 99B, 99D, or 99F. See Iowa Code 99G.3
- pull-tab: means a game that offers preprinted paper tickets with the play data hidden beneath a protective tab or seal that when opened reveals immediately whether the player has won. See Iowa Code 99G.3
- Retailer: means a person who sells lottery tickets or shares on behalf of the division pursuant to a license issued by the department. See Iowa Code 99G.3
All proceeds from the sale of the lottery tickets or shares shall constitute a trust fund until paid to the division directly, through electronic funds transfer to the division, or through the division’s authorized collection representative. A lottery retailer and officers of a lottery retailer’s business shall have a fiduciary duty to preserve and account for lottery proceeds and lottery retailers shall be personally liable for all proceeds. Proceeds shall include unsold products received but not paid for by a lottery retailer and cash proceeds of the sale of any lottery products net of allowable sales commissions and credit for lottery prizes paid to winners by lottery retailers. Sales proceeds of pull-tab tickets shall include the sales price of the lottery product net of allowable sales commission and prizes contained in the product. Sales proceeds and unused instant tickets shall be delivered to the division or its authorized collection representative upon demand.