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

Requirements for Collecting Financial Information from Participants in Mississippi

Mississippi law does not have a specific provision that addresses the collection of financial information from participants. However, if you are collecting financial information as part of a lottery system, there are requirements that you must follow.

According to MSCO 27-115-69, the Mississippi Lottery Corporation may purchase, lease, or lease-purchase goods or services necessary for effectuating the purposes of the lottery. The corporation shall investigate the financial responsibility, security, and integrity of any lottery system vendor who submits a bid, proposal, or offer. At the time of submitting such bid, proposal, or offer to the corporation, the corporation shall require the following items:

• A disclosure of the vendor’s name and address and, as applicable, the name and address of the following:
• If the vendor is a corporation, the officers, directors, and each stockholder in such corporation; however, in the case of owners of equity securities of a publicly traded corporation, only the names and addresses of those known to the corporation to own five percent (5%) or more of such securities need be disclosed.
• If the vendor is a trust, the trustee and all persons entitled to receive income or benefits from the trust.
• If the vendor is an association, the members, officers, and directors.
• If the vendor is a partnership or joint venture, all of the general partners, limited partners, or joint venturers.
• A disclosure of all the states and jurisdictions in which the vendor does business, and the nature of the business for each such state or jurisdiction.
• A disclosure of all the states and jurisdictions in which the vendor has contracts to supply gaming goods or services, including, but not limited to, lottery goods and services, and the nature of the goods or services involved for each such state or jurisdiction.
• A disclosure of all the states and jurisdictions in which the vendor has applied for, has sought renewal of, has received, has been denied, has pending, or has had revoked a gaming license of any kind, or had fines or penalties assessed on their license, contract, or operation, and the disposition of such in each such state or jurisdiction. If any lottery license or contract has been revoked or has not been renewed or any lottery license or application has remained pending for more than six (6) months, then it shall be disclosed.
• A disclosure of the details of any finding of a plea, conviction, or adjudication for guilt, in a state or federal court, of the vendor for any felony or any other criminal offense other than a traffic violation.
• A disclosure of the details of any bankruptcy, insolvency, reorganization, corporate or individual purchase or takeover of another corporation, including bonded indebtedness, or any pending litigation of the vendor.
• Such additional disclosures and information as the corporation may determine to be appropriate for the procurement involved.

If you are collecting financial information for any other purpose, there may be other requirements that you need to follow. It is recommended that you consult with a legal professional to ensure that you are complying with all applicable laws and regulations.

Source(s):

• [1.2] Purchase, lease or lease-purchase of goods, services necessary to effectuate lottery; investigation of prospective lottery system vendors; requisite vendor disclosures; prohibited contracts; posting of performance bond or letter of credit by vendor; contract to include provision for payment of liquidated damages; contracts to be governed by Mississippi law.

Jurisdiction

Mississippi

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