Lottery Bond Information
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 CostsCost, 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 BondAs a surety bonds broker, we work for YOU not the surety company. We are licensed nationwide and appointed by 25 surety companies so that we are able to offer the best solution for all surety bonds needs. We are a small organization that strives to make you feel like part of our family.
Learn More About Lottery BondsAs 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
Bad Credit? We Can Help!States We are Licensed to Serve: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming ACS Surety Bond Company, All Rights Reserved.
Over 125 years of combined experience
As a surety bond broker, we work for YOU not the surety company. We are licensed nationwide and appointed by 25 surety companies so that we are able to offer the best solution for all surety bond needs. We are a small organization that strives to make you feel like part of our family.
Working with trusted insurance companies
Three party agreement
Surety Bond Definition: The definition of a surety bond is as follows: A surety bond is a binding agreement between three parties. This agreement sets forth a financial guarantee by one party ( “surety” ) to another party ( “obligee” ) that a third party ( “principal” ) will fulfill required obligations to the obligee, and that state, federal, and local laws and applicable regulations will be adhered to. Let’s examine each of the three parties.Learn more about surety bonds
Bad Credit – Fast Approvals – Lowest Rates Available.
- Credit below 650 and/or have blemishes on credit report.
- Average cost is 5-15% of the bond amount.
- Available for all commercial bonds.
Why does credit matter? Applying for a surety bond is similar to applying for a loan. You are asking a surety company to back you financially. Reviewing credit is the best method for the surety to understand their risk. All sureties review credit as a view only and should have no effect on your credit score. While it is true that bad credit makes it harder to obtain a competitive quote, we are committed to making sure all of our customers have access to the best possible rates. While we can’t guarantee that we can provide a bond for the most extreme bad credit situations, we strive to make sure no stone is unturned! In other words, if you are insurable, we will get it written. Contact us today and let us put together an online quote for you that will exceed your expectations.