HB5230 - LOTTERY-FINANCIAL FUNCTIONS

1 Co-Sponsor

Amends the Illinois Lottery Law. Provides that the State Lottery Fund shall receive from the sale of lottery tickets or shares consisting of the net of commissions and fees representing those expenses that are directly proportionate to the sale of tickets or shares at the agent location and prizes of $600 or less (rather than less than $600) which have been validly paid at the agent level. Makes a conforming change. Provides that the Department of Lottery may pay any prize (rather than prizes up to $25,000) from funds held by the Department in an account separate and apart from all public moneys of the State. Removes provisions allowing moneys in the account to be deposited by the Department into the Public Treasurers' Investment Pool or used to pay amounts to deferred prize winners. Allows the Department to contract (rather than the State Treasurer with the consent of the Director of the Lottery) with any person or corporation, including, without limitation, a bank, banking house, trust company or investment banking firm, to perform such financial functions, activities, or services in connection with operation of the lottery. Allows, with the consent of the Director, the State Treasurer to act as an agent of the Department to perform the financial functions as the Director may prescribe. Removes language requiring the Director to prepare and send to the State Comptroller vouchers requesting payment from the Deferred Lottery Prize Winners Trust Fund to deferred prize winners.