313.351. Lottery commission to submit plan, how approved.
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313.351. Lottery commission to submit plan, how approved. — Prior to implementing any plan to allow state lottery prize winners who are currently receiving annuity payments to receive a single cash payment in lieu of remaining annuity payments, the state lottery commission shall submit to the president pro tempore of the senate, the speaker of the house of representatives, and the commissioner of the office of administration the details of the plan and its estimated effect on the level of total state revenues as defined in Article X, Section 17 of the Missouri Constitution as well as the benefits of allowing financial institutions which are FDIC insured to participate in such plan.
No such plan which permits the option of receiving a single cash payment in lieu of remaining annuity payments shall be implemented unless approved by the general assembly by concurrent resolution and submitted to the governor in accordance with the provisions of Article IV, Section 8 of the Missouri Constitution.
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(L. 1999 S.B. 386 § 3)
CROSS REFERENCE:
Commission may allow pre-October 22, 1998, lottery winners receiving annual payments to elect to receive a single cash payment, expiration date.