What is a Maryland Lottery Sales Agent Bond?
Start winning big in the lottery business through this surety bond!
What is a Lottery Sales Agent Bond?
As part of the approval process of a lottery sales agent license, the Director of the Agency may require the license applicant to submit a surety bond.
The surety bond is needed in order to guarantee that the lottery sales agent will fulfill his or her obligations. This includes the following:
- That the lottery sales agent will perform its duties according to the laws of the state and the rules of the Maryland Lottery and Gaming Control Agency.
- That the lottery sales agent know that he or she is the custodian of the trust property (ex. lottery proceeds, tickets sold) for the lottery.
- The lottery sales agent will forward the monies to the Lottery’s account.
- Maintain accurate bookkeeping and accounting records.
Any person who will be harmed by the lottery sales agent’s noncompliance to the said laws and rules will be eligible to receive compensation through a bond claim.
What is the Lottery Sales Agent Bond amount?
The bond amount will vary per lottery retailer applicant. This will be determined by the Georgia Lottery Corporation.
If you know your bond amount now and would like to find out what your bond premium will be, you may get your FREE SURETY BOND QUOTE from us HERE!
Those who have excellent credit scores will be eligible for a very low bond premium, or just 1% of the bond amount!
How can I get a Lottery Sales Agent Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three in order to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of Maryland
- The lottery sales agent will abide by the provisions of the Maryland State Government Code as well as the rules and regulations of the Maryland Lottery and Gaming Control Agency
- In case of violation, the aggrieved party will receive a compensation through the surety bond