99G.28 Proceeds held in trust.
All proceeds from the sale of the lottery tickets or shares shall constitute a trust fund until paid to the authority directly, through electronic funds transfer to the authority, or through the authority’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 authority or its authorized collection representative upon demand.
2003 Acts, ch 178, §81, 121; 2003 Acts, ch 179, §142
Structure Iowa Code
Title III - PUBLIC SERVICES AND REGULATION
Chapter 99G - IOWA LOTTERY AUTHORITY
Section 99G.2 - Statement of purpose and intent.
Section 99G.4 - Iowa lottery authority created.
Section 99G.5 - Chief executive officer.
Section 99G.6 - Power to administer oaths and take testimony — subpoena.
Section 99G.7 - Duties of the chief executive officer.
Section 99G.8 - Board of directors.
Section 99G.9A - Limited series of lottery games providing aid for veterans.
Section 99G.10 - Authority personnel.
Section 99G.11 - Conflicts of interest.
Section 99G.12 - Self-service kiosks.
Section 99G.21 - Authority powers, transfer of assets, liabilities, and obligations.
Section 99G.22 - Vendor background review.
Section 99G.23 - Vendor bonding, tax filing, and competitive bidding.
Section 99G.24 - Retailer compensation — licensing.
Section 99G.25 - License not assignable.
Section 99G.26 - Retailer bonding.
Section 99G.27 - Lottery retail licenses — cancellation, suspension, revocation, or termination.
Section 99G.28 - Proceeds held in trust.
Section 99G.29 - Retailer rental calculations — lottery ticket sales treatment.
Section 99G.30 - Ticket sales requirements — penalties.
Section 99G.30A - Monitor vending machine — tax imposed.
Section 99G.32 - Authority legal representation.
Section 99G.33 - Law enforcement investigations.
Section 99G.34 - Open records — exceptions.
Section 99G.36 - Forgery — fraud — penalties.
Section 99G.37 - Competitive bidding.
Section 99G.38 - Authority finance — self-sustaining.
Section 99G.39 - Allocation, appropriation, transfer, and reporting of funds.
Section 99G.40 - Audits and reports — lottery fund.
Section 99G.41 - Prize offsets — garnishments.
Section 99G.42 - Compulsive gamblers — treatment program information.