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Can you summarize 47 LARS Subtitle XI, Chapter 6?
THE LOUISIANA LOTTERY CORPORATION LAW > VENDORS
Short Summary
This legal document, part of the Louisiana Revised Statutes under the Revenue and Taxation section, pertains to the Louisiana Lottery Corporation Law. It governs various aspects related to vendors, specifically the purchase, lease, or lease-purchase of goods or services necessary for the operation of the state lottery. The document emphasizes the importance of security, honesty, fairness, and integrity in the lottery’s operation and administration. During major procurements, the corporation is required to investigate the financial responsibility, security, and integrity of lottery system vendors. Vendors are obligated to disclose information such as their name, address, ownership details, business operations in different states, contracts with other jurisdictions, gaming licenses, criminal records, bankruptcy, and pending litigation. Failure to comply with the disclosure requirements may result in the corporation being prohibited from entering into contracts with vendors. Additionally, vendors must provide a performance bond or letter of credit, and contracts should include provisions for liquidated damages in case of breach. Vendors should be qualified to do business in Louisiana and must comply with tax obligations. The document also prohibits members of the legislature and entities in which they have a significant ownership interest from being vendors. However, no specific penalties are mentioned in this document.
Whom does it apply to?
Louisiana Lottery Corporation
What does it govern?
Vendors, purchase, lease, or lease-purchase of goods or services necessary for the operation of the state lottery
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Louisiana