This website will be unavailable from Friday, April 26, 2024 at 6:00 p.m. through Monday, April 29, 2024 at 7:00 a.m. due to data center maintenance.

                                                                                

78S10362 YDB-F

By:  Homer                                                        H.B. No. 93 



A BILL TO BE ENTITLED

AN ACT

relating to protecting the state from all losses incurred by a 
lottery sales agent.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 466.156, Government Code, is amended to 
read as follows: 
	Sec. 466.156.  BOND; INSURANCE. (a) Each sales agent shall 
post a cash bond, surety bond, letter of credit, certificate of 
deposit, or other security approved by the executive director, 
including the contribution of cash to a pooled bond fund 
established by the executive director to protect the state from 
possible losses, including losses of a sales agent resulting from 
bankruptcy, theft, or loss of lottery tickets, supplies, or 
equipment.  The amount of the security shall be determined by the 
executive director and must reflect the possible losses to the 
state from the operation of the sales agent.  The total amount 
retained in a pooled bond fund established under this subsection 
may not exceed $5 million.  The executive director shall reimburse 
the state from the bond fund for all losses resulting from a sales 
agent's loss covered by this section.  The executive director may 
not charge a sales agent for a loss reimbursed from the bond fund.
	(b)  The executive director may [also] require a sales agent 
to maintain insurance [if necessary] to protect the interests of 
the state if the sales agent has not complied with the requirements 
of Subsection (a).
	SECTION 2.  (a)  This Act takes effect November 1, 2003.                       
	(b)  The change in law made by this Act does not apply to a 
loss incurred by a lottery sales agent before the effect date of 
this Act.