{"id":2808,"date":"2018-12-17T02:20:52","date_gmt":"2018-12-17T02:20:52","guid":{"rendered":"https:\/\/suretyone.com\/blog\/?p=2808"},"modified":"2018-12-17T02:20:52","modified_gmt":"2018-12-17T02:20:52","slug":"mississippi-lottery-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/mississippi-lottery-bond\/","title":{"rendered":"Mississippi Lottery Bond"},"content":{"rendered":"

On August 31st, 2018, the governor approved Senate Bill 2001, referred to as the \u201cAlyce G. Clarke Mississippi Lottery Law\u201d to be effective September 1st, 2018. The new statute establishes the Mississippi Lottery Corporation (MLC<\/a>). Proceeds from the lottery will be used to fund roads, bridges and for specific infrastructure funding needs.\u00a0The law will require lottery retailers to post a Mississippi lottery bond from an acceptable surety. “Acceptable” sureties are generally those insurance entities granted a certificate of authority to market surety bond products in the state.<\/p>\n

As currently written, the surety bond\u00a0will be 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.
\nThe bond requirement does not apply to lottery tickets which are prepaid by the retailers.\u00a0The MLC may facilitate the purchase of Mississippi lottery bonds by establishing lottery retailer pools for the purchase of\u00a0the same for retailers.\u00a0Given the recent passage, program commencement is not expected until the last quarter of 2019. A surety bond form model is not yet available. It\u2019s also not known at this time if the bond will be required of all lottery retailers or only those retailers that don\u2019t meet specific requirements, similar to practice\u00a0in other states.\u00a0The bill also creates an additional surety bond requirement for MLC employees with access to corporate or lottery funds, which will be set in an amount to be established by the administrative rules and regulations of the MLC\u2019s board.<\/p>\n

National surety bond leader, Surety One, Inc. offers lottery bonds in all jurisdictions where required by law. We are a surety-focused general agency licensed in all fifty states, Puerto Rico, U.S. Virgin Islands\u00a0and Canada. Call (800) 373-2804, email Underwriting@SuretyOne.com click the instant message icon on our website at https:\/\/SuretyOne.com<\/a> for more information about a Mississippi lottery bond or any surety bonding need.<\/p>\n","protected":false},"excerpt":{"rendered":"

On August 31st, 2018, the governor approved Senate Bill 2001, referred to as the \u201cAlyce G. Clarke Mississippi Lottery Law\u201d to be effective September 1st, 2018. The new statute establishes the Mississippi Lottery Corporation (MLC). Proceeds from the lottery will… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":2809,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1939,2477,1991,2449,2452,2473,2478,2474,2476,1389,2475,1728,1734,1871,51,2329],"yoast_head":"\nMississippi Lottery Bond<\/title>\n<meta name=\"description\" content=\"New state law, the "Alyce G. 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