Lottery Bond Information
A lottery bond is a type of commercial surety bond which guarantees the correct use of lottery machines in accordance with industry and state regulations, also as the correct sale of lottery tickets. WHY DO I NEED A LOTTERY BOND?In order to get a license, any facility which has a lottery machine is required to obtain such a lottery bond. Lottery bonds also are required by most states if you sell lottery tickets or use lottery equipment for commercial purposes.
State Specific Costs
Cost, regulations and requirements for lottery bonds also vary according to state, as the lottery bonds amounts and regulations are established on a state level for each license.
Pay a Low Rate for Your Lottery Bond
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Learn More About Lottery Bonds
As with every surety bond, a lottery bond is a three-party agreement with the following sides to it: the obligee (the party requesting the lottery bond; the government and consumers), the principal (the business that is the lottery seller, which has to obtain the bond) and the surety company underwriting the lottery bonds. The surety company’s role in this agreement is to serve as a guarantor of the bonded principal. If for some reason the principal fails to pay taxes to the states lottery commission, tampers with the lottery machine or otherwise abuses the lottery system, a new claim can be filed against them. In the case of a new claim, the surety is there to back the principal and reimburse the obligee for the financial loss amount. In this way, lottery bonds work like a line of credit. Usually, it is best for all sides to avoid claims on bonds. Nevertheless, if a claim is made and the surety has to step in, the principal is then required to indemnify the surety for any payments it has made. Listed below are the 3 absolutes in surety bonds
- Most be a US Citizen
- Cannot be in current bankruptcy
- Cannot be behind in child support
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