South Carolina General Assembly
116th Session, 2005-2006

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S. 1461

STATUS INFORMATION

General Bill
Sponsors: Senator Reese
Document Path: l:\council\bills\agm\18581mm06.doc

Introduced in the Senate on May 31, 2006
Currently residing in the Senate Committee on Education

Summary: Lottery tickets

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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   5/31/2006  Senate  Introduced and read first time SJ-38
   5/31/2006  Senate  Referred to Committee on Education SJ-38

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

5/31/2006

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 59-150-185 SO AS TO PROVIDE THAT THE PURCHASER OF A LOTTERY TICKET CHOOSE THAT PROCEEDS FROM THE SALE OF THE TICKET TO HIM BE DESIGNATED TOWARD K-12 OR TO HIGHER EDUCATION; TO AMEND SECTION 59-150-190 SO AS TO PROVIDE THAT THE LOTTERY RETAILER MAINTAIN SEPARATE ACCOUNTS FOR THE PROCEEDS SO AS TO REFLECT THE CHOSEN OPTIONS; AND TO AMEND SECTION 59-150-350, RELATING TO MANAGEMENT OF THE EDUCATION LOTTERY ACCOUNT MANAGEMENT, SO AS TO PROVIDE THAT THE LOTTERY PROCEEDS BE SEGREGATED BETWEEN THOSE DESIGNATED AT PURCHASE TO K-12 OR HIGHER EDUCATION.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Chapter 150 of Title 59 of the 1976 Code is amended by adding:

"Section 59-150-185.    The purchaser of a lottery ticket shall choose for the proceeds from the sale of his ticket be designated toward K-12 education or to higher education."

SECTION    2.    Section 59-150-190(B) of the 1976 Code is amended to read:

"(B)    The commission shall require a lottery retailer to place all lottery proceeds due the commission in accounts in institutions insured by the Federal Deposit Insurance Corporation (FDIC) no later than the close of the next banking day after the date of their collection by the lottery retailer until the date they are paid over to the commission. There must be two separate accounts so as to segregate the proceeds according to the designations to K-12 or higher education as elected by the lottery purchaser, pursuant to Section 59-150-185. At the time of the deposit, lottery proceeds are considered the property of the commission, and a lottery retailer is personally liable for those proceeds due the commission. The commission may require a lottery retailer to establish a single separate electronic funds transfer account where available for the purpose of receiving monies from ticket or share sales, making payments to the commission, and receiving payments for the commission. Unless otherwise authorized in writing by the commission, each lottery retailer shall establish a separate bank account for lottery proceeds which must be kept separate and apart from all other funds and assets, and must not be commingled with any other funds or assets. A lottery retailer, upon the deposit of lottery proceeds in excess of insurance coverage by the FDIC, shall furnish an indemnity bond from a responsible surety company authorized to do business in this State in an amount sufficient to protect the State against loss in the event of insolvency or liquidation of the institution or for another cause. A lottery retailer, instead of the indemnity bond, may pledge as collateral for the deposits, obligations of the United States, obligations fully guaranteed both as to principal and interest by the United States, obligations of the Federal National Mortgage Association, the Federal Home Loan Bank, Federal Farm Credit Bank, the Federal Home Loan Mortgage Corporation, or general obligations of this State or a political subdivision of it. The State Treasurer shall exercise prudence in accepting the securities listed as collateral. The surety or collateral must be filed with the State Treasurer at time of deposit."

SECTION    3.    Section 59-150-350(C)(2) of the 1976 Code is amended to read:

"(2)    Appropriations from the Education Lottery Account must be for educational purposes and programs only as defined in Section 59-150-350(D). These appropriations must be used to supplement and not supplant existing funds used for education and must represent the designation to K-12 or higher education as elected by the lottery ticket purchaser pursuant to Section 59-150-185."

SECTION    4.    This act takes effect upon approval by the Governor.

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