99G.28 Proceeds held in trust.
173 words·~1 min read·
/ia/chapter-99g-iowa-lottery/99g-28·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All proceeds from the sale of the lottery tickets or shares shall constitute a trust fund until paid to the department directly, through electronic funds transfer to the department, or through the department’s authorized collection representative. A lottery retailer and officers of a lottery retailer’s business shall have a fiduciary duty to preserve and account for lottery proceeds and lottery retailers shall be personally liable for all proceeds. Proceeds shall include unsold products received but not paid for by a lottery retailer and cash proceeds of the sale of any lottery products net of allowable sales commissions and credit for lottery prizes paid to winners by lottery retailers.
Sales proceeds of pull-tab tickets shall include the sales price of the lottery product net of allowable sales commission and prizes contained in the product. Sales proceeds and unused instant tickets shall be delivered to the department or its authorized collection representative upon demand.
2003 Acts, ch 178, §81, 121; 2003 Acts, ch 179, §142; 2023 Acts, ch 19, §2331; 2024 Acts, ch 1182, §106