Effective upon the March 25, 2009 enactment of HB 1002/SB 26, all vendors in the state of Arkansas are now required to either obtain a lottery and lotto bond (type of surety bond), a letter of credit, or securities for contracts with the Arkansas Lottery Commission. All surety bond amounts shall be determined by the Commission.
Additionally, lottery retailers in Arkansas must also post a lottery and lotto bond for an amount no greater than the average tickets sales for two of the retailer’s billing periods.
Lastly, state employees handling the Arkansas Lottery Commission’s lottery revenue or other funds must also obtain a surety bond, of which the amount will once again be determined by the Commission.
For more information on “lottery and lotto bonds”, or to apply for a bond, click here.