Current through Register Vol. XXXIX, No. 11, March 18, 2022
Collection of Accounts - Agents and
retailers shall establish private banking accounts in which to deposit payments
for the purchase of instant tickets or receipts from on-line sales.
3.1.a. The funds in each of the accounts
established under this section shall be swept by electronic funds transfer
("wire transfers") to an account of the State Treasurer as provided for in
paragraph 3.2.b.1 of this section.
3.1.b. The Director may authorize other
methods of collection such as intra-governmental transfers in the case of other
State Lottery Fund - The Director shall implement the State Lottery Fund which
shall consist of a group of accounts within the State Treasury.
3.2.a. The accounts shall be established in
accordance with applicable provisions of state law, and any applicable rules of
the State Treasurer.
implementing the State Lottery Fund, the following accounts shall be used:
3.2.b.1. Revenues and Transfers Account -
This account shall consist of all revenue received from the sale of lottery
tickets. Transfers shall be made from this account for prizes, net profit, and
operation and administration expenses, in amounts and for the purposes
established by W.Va. Code §
Net profits shall be transferred to the accounts to which the Legislature has
appropriated them. If net profits for any particular year exceed the amount
appropriated by the Legislature, the excess funds shall be held in this account
until such time as they are appropriated. The funds in this account shall be
invested in the State Consolidated Fund until the point of transfer and are
Operation and Administration Expenses Account - This account shall consist of
transfers made from the Revenues and Transfers Account not to exceed fifteen
percent (15%) of net lottery revenue. In the event that the balance of this
account is equal to or greater than two hundred fifty thousand dollars
($250,000), any excess over that amount shall be considered and allocated as
3.2.b.3. Jackpot Prize
Trust Account - This account shall consist of jackpot prizes accumulated for
the purpose of buying annuities for the payment of prizes due the winners over
a period of years. Also, as the annuities mature, the funds shall be held in
this account until payment is made to the winners.
Prize Disbursement Account -
The Director shall establish a Prize Disbursement Account, in a private banking
institution, which shall permit the immediate payment of lottery prizes, by
check, to the winners.
3.3.a. The total
expenditures from the Prize Disbursement Account and the Jackpot Prize Trust
Account combined with any prizes paid by the sales agents and retailers, shall
be a minimum annual average of forty-five percent (45%) of gross amount
3.3.b. The Prize
Disbursement Account shall be a demand deposit account established by the
Director in accordance with applicable law and rules of the State Treasurer
funded daily by transfers from the Revenue and Transfers Account.
3.3.c. Access to the account for purposes of
drawing checks shall be limited to those persons expressly authorized by the
Director to operate secure check writing machines and who are provided security
keys and computer keys for their operation incident to their official
3.3.d. All checks issued
from the Prize Disbursement Account shall prominently display the logo of the
West Virginia Lottery.
Checks in payment of prizes drawn upon the Prize Disbursement Account may be
issued under the signature of the Director or the authorized facsimile of his
or her signature.
Director may also cause checks to be issued from the Prize Disbursement Account
to lottery sales agents and lottery retailers to fulfill obligations of a
agency shall settle retailer and agent accounts no less frequently than weekly,
unless the Director specifies a different time.
3.3.h. The Director may make payments from
the Prize Disbursement Account to sales agents and retailers for purposes of
refund or credit for unsold tickets, other ticket sales adjustments or instant
game account adjustments.