Louisiana Revised Statutes 47:9053 – Letter of credit or bond of retailer; content of contracts; powers of president
Terms Used In Louisiana Revised Statutes 47:9053
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Louisiana Lottery Corporation. See Louisiana Revised Statutes 47:9002
- Lottery: means any game of chance approved by the corporation and operated pursuant to this Chapter and shall not include sports wagering authorized pursuant to this Subtitle. See Louisiana Revised Statutes 47:9002
- Retailer: means any person with whom the corporation has contracted to sell lottery tickets to the public. See Louisiana Revised Statutes 47:9002
The corporation shall require each retailer to post a letter of credit or a bond with the corporation using a surety acceptable to the corporation in an amount not to exceed twice the average lottery ticket sales of the retailer for the period within which the retailer is required to remit lottery funds to the corporation. For the first ninety days of sales of a new retailer, the amount of the bond shall not exceed twice the average estimated lottery ticket sales for the period within which the retailer is required to remit lottery funds to the corporation. This Section does not apply to lottery tickets which are prepaid by the retailers. The corporation may facilitate the purchase of letters of credit by establishing retailer pools for the purchase of bonds and letters of credit for retailers.
Acts 1990, No. 1045, §1, eff. Nov. 7, 1990.