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Can you summarize 12 CTGS 569?
Gaming Policy, Regulation and Revenue - Secs. 12-557 to 12-578bb > Breach of fiduciary responsibility by lottery sales agent.
Short Summary
This legal document pertains to the breach of fiduciary responsibility by lottery sales agents. If the president of the Connecticut Lottery Corporation determines that a lottery sales agent has breached their fiduciary responsibility by having a delinquent account with respect to moneys received from the sale of lottery tickets, the commissioner shall impose a delinquency assessment on the agent’s account. The delinquency assessment is equal to ten per cent of the amount due or ten dollars, whichever amount is greater, plus simple interest at the rate of one and one-half per cent of such amount for each month or fraction of a month from the date such amount is due to the date of payment. Lottery sales agents whose accounts were delinquent prior to July 1, 2022, and subject to compounding interest on June 30, 2022, may apply for a hardship waiver to reduce the amount of interest delinquent. The commissioner may waive all or part of the penalties if it is proven that the failure to pay the moneys to the state within the allowed time was due to reasonable cause and not intentional or due to neglect. The document also outlines the process for notifying delinquent agents, conducting hearings, and enforcing payment through warrants and property distraint. The commissioner is responsible for adopting regulations to carry out the purposes of this section.
Whom does it apply to?
Lottery sales agents
What does it govern?
Breach of fiduciary responsibility by lottery sales agent
What are exemptions?
The commissioner may waive all or part of the penalties provided under this subsection when it is proven to the commissioner's satisfaction that the failure to pay such moneys to the state within the time allowed was due to reasonable cause and was not intentional or due to neglect.
What are the Penalties?
Delinquency assessment equal to ten per cent of the amount due or ten dollars, whichever amount is greater, plus simple interest at the rate of one and one-half per cent of such amount for each month or fraction of a month from the date such amount is due to the date of payment.
Jurisdiction
Connecticut