Can I collect financial information from participants in Idaho? What are the requirements?

Requirements for Collecting Financial Information from Participants in Idaho

If you are planning to collect financial information from participants in Idaho, you must comply with the following requirements:

1. Payment by check, bank draft, electronic fund transfer, or other recorded financial instrument: According to IDST 67-7419, no payment by lottery game retailers to the state lottery for tickets or shares shall be in cash. All such payments shall be in the form of a check, bank draft, electronic fund transfer, or other recorded financial instrument as prescribed by commission rule.
2. Annual report: According to IDST 26-2911, each licensee shall file with the director an annual report, in a form prescribed by the director, which form shall be sent by the director to each licensee no later than three (3) months immediately preceding the thirtieth day of June of each year. The licensee must include each of the following in its annual renewal report: audited consolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder’s equity and statement of changes in financial position; number of payment instruments sold by the licensee in the state, the dollar amount of those instruments and the dollar amount of those instruments currently outstanding; any material changes in any of the information submitted by the licensee on its original application which have not previously been reported to the director on any other report required to be filed under the provisions of this chapter; a list of the licensee’s permissible investments; and if an audited financial statement has not been provided, the licensee shall provide a certification by an independent certified public accountant that the licensee has complied with the provisions of section 26-2906, Idaho Code.
3. Confidentiality of data: According to IDST 26-2916, all information or reports obtained by the director from an applicant, licensee or authorized representative, whether obtained through reports, applications, examinations, audits, investigation, or otherwise including, but not limited to: all information contained in or related to examination, investigation, operating, or condition reports reported by, on behalf of, or for the use of the director; or financial statements, balance sheets, or authorized representative information; are confidential trade secrets and may not be disclosed or distributed outside the department in accordance with the provisions of chapter 1, title 74, Idaho Code, by the director or any officer or employee of the department.
4. Lottery vendor disclosures for major procurements: According to IDST 67-7421, the commission may require any person, as a part of a major procurement, to disclose at the time of submitting such bid, proposal or offer to the commission the following information: names and addresses of all of the general and limited partners or joint venturers; if such general and limited partners or joint venturers are themselves a partnership, joint venture, trust, association, corporation, subsidiary, or intermediary corporation, the same information required by this section shall be supplied for such entities also; names and addresses of the trustee and all persons entitled to receive income or benefit of the trust; names and addresses of the members, officers and directors; names and addresses of the officers, directors and each owner or holder, directly or indirectly, of any equity security or other evidence of ownership of any interest in such corporation; audited financial statements for the most recent five (5) years and a statement of the gross receipts realized in the preceding year from the sale, lease or distribution of gaming materials, equipment or services.
5. Restrictions: According to IDST 67-7446, nothing in the Idaho Code authorizes any form of games of chance or private lotteries, except as may be authorized expressly by this chapter in accordance with the Idaho Constitution.

Therefore, you can collect financial information from participants in Idaho, but you must comply with the above requirements.

Jurisdiction

Idaho

• Privacy