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AR HB1859
Bill
Status
4/3/2019
Primary Sponsor
Mark Perry
Click for details
AI Summary
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Requires lottery retailers to post a bond in a sufficient amount as determined by the Office of the Arkansas Lottery, with the bond amount not exceeding $200.
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Establishes a separate bond account for depositing bond fees and repeals the previous fidelity fund structure.
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Permits bond account funds to be invested in interest-bearing accounts, used to cover losses from retailer nonfeasance or malfeasance, or used to purchase blanket bonds covering the office.
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Requires the office to transfer any bond account balance exceeding $500,000 at the end of each fiscal year to the Department of Higher Education's trust account as net lottery proceeds.
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Becomes effective July 1, 2019 as an emergency measure to optimize scholarship dollars by combining funds in a timely manner.
Legislative Description
To Require A Lottery Retailer To Post A Bond; To Require The Office Of The Lottery To Establish A Separate Account For Bond Fees; To Repeal The Establishment Of A Separate Fidelity Fund; And To Declare An Emergency.
Last Action
Notification that HB1859 is now Act 683
4/3/2019