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23-115-607. Business closure authority — Notice.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-115-607. Business closure authority — Notice.
(a) In addition to all other remedies provided by law for failure to remit lottery proceeds due the Office of the Arkansas Lottery, the Director of the Office of the Arkansas Lottery may close the business of a retailer if the retailer fails to comply with § 23-115-605(b) three (3) times within any consecutive twenty-four-month period.
(b)(1) The director shall give notice to the retailer that the third delinquency in complying with § 23-115-605(b) in any consecutive twenty-four-month period may result in the closure of the business.
(2) The notice shall be in writing and delivered to the retailer by:
(A) The United States Postal Service; or
(B) Hand delivery.
(c)(1) If the retailer has a third delinquency in complying with § 23-115-605(b) in any consecutive twenty-four-month period after the issuance of the notice provided in subsection (b) of this section and the director chooses to close the business, the director shall notify the retailer by certified mail or by hand delivery that the business will be closed within five (5) business days from the date of receipt of the notice unless the retailer avoids closure of the business under subsection (d) of this section.
(2) If the fifth day falls on a Saturday, Sunday, or legal holiday, the performance of an act to avoid closure of the business under subsection (d) of this section is timely when performed on the next succeeding business day that is not a Saturday, Sunday, or legal holiday.
(d) A retailer may avoid closure of the business by:
(1) Remitting the delinquent lottery proceeds; or
(2) Entering into a written payment agreement approved by the director to satisfy the lottery proceeds delinquency.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-115-607
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-115-607
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8a4ed7b216222f6331a63b258d69575b0036529a0fba0fa159b1b766cb4aa9a5
Source location: content.xml paragraph 66704
Stored source content
23-115-607. Business closure authority — Notice.
(a) In addition to all other remedies provided by law for failure to remit lottery proceeds due the Office of the Arkansas Lottery, the Director of the Office of the Arkansas Lottery may close the business of a retailer if the retailer fails to comply with § 23-115-605(b) three (3) times within any consecutive twenty-four-month period.
(b)(1) The director shall give notice to the retailer that the third delinquency in complying with § 23-115-605(b) in any consecutive twenty-four-month period may result in the closure of the business.
(2) The notice shall be in writing and delivered to the retailer by:
(A) The United States Postal Service; or
(B) Hand delivery.
(c)(1) If the retailer has a third delinquency in complying with § 23-115-605(b) in any consecutive twenty-four-month period after the issuance of the notice provided in subsection (b) of this section and the director chooses to close the business, the director shall notify the retailer by certified mail or by hand delivery that the business will be closed within five (5) business days from the date of receipt of the notice unless the retailer avoids closure of the business under subsection (d) of this section.
(2) If the fifth day falls on a Saturday, Sunday, or legal holiday, the performance of an act to avoid closure of the business under subsection (d) of this section is timely when performed on the next succeeding business day that is not a Saturday, Sunday, or legal holiday.
(d) A retailer may avoid closure of the business by:
(1) Remitting the delinquent lottery proceeds; or
(2) Entering into a written payment agreement approved by the director to satisfy the lottery proceeds delinquency.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-115-605. Retailers — Fiduciary duty — Protection against loss.
(a)(1) Proceeds from the sale of tickets or shares shall be held in trust until paid to the Office of the Arkansas Lottery either directly or through the office's authorized collection representative.
(2) A retailer and officers of a retailer's business have a fiduciary duty to preserve and account for retail lottery proceeds, and retailers are personally liable for all lottery proceeds.
(3) For the purpose of this section, lottery proceeds include without limitation:
(A) Unsold instant tickets received by a retailer;
(B) Cash proceeds of the sale of lottery products;
(C) Net of allowable sales commissions; and
(D) Credit for lottery prizes paid to winners by retailers.
(4) Sales proceeds and unused instant tickets shall be delivered to the office or its authorized collection representative upon demand.
(b)(1) The office shall require retailers to place all lottery proceeds due the office in accounts in institutions insured by the Federal Deposit Insurance Corporation not later than the close of the next banking day after the date of their collection by the retailer until the date they are paid to the office.
(2) At the time of the deposit, lottery proceeds shall be deemed to be the property of the office.
(3) The office may require a retailer to establish a single separate electronic funds transfer account when available for the purpose of:
(A) Receiving moneys from ticket or share sales;
(B) Making payments to the office; and
(C) Receiving payments for the office.
(4) Unless authorized in writing by the office, each retailer shall establish a separate bank account for lottery proceeds that shall be kept separate and apart from all other funds and assets and shall not be com
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-115-605
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-115-605. This identifies an authority to review, not proof of applicability.