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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 30. LOTTERY AND CHARITABLE GAMES |
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Chapter 30-3. AGENT REQUIREMENTS |
Section 30-305. COLLECTION OF ON-LINE SALES FUNDS
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305.1Each agent shall maintain a separate bank account in a federally-insured bank located within the District for the deposit of all on-line revenues received by the agent from the agent's on-line lottery operations.
305.2Collections of funds from the sale of on-line tickets shall be accomplished by electronic transfer of funds from the agent's bank account to the Agency's bank account.
305.3The agent shall be responsible for all monies collected from on-line tickets sales until such monies have been deposited and accepted by the bank in the agent's bank account required by this section.
305.4Funds deposited in this account shall constitute a trust fund for the Agency and withdrawals shall be made only in accordance with instructions issued by the Agency. No other funds shall be deposited in this account.
305.5Each agent shall permit the Agency, representatives of the Agency and others authorized by the Agency, to inspect the bank records and accounts.
305.6The agent's agreement with the bank shall provide that upon the change of principals, death, legal disability, incompetency, insolvency, or bankruptcy of the agent, all funds remaining in the account shall be paid over to the Agency as the lawful and true owner of the funds.
305.7The proper amount of funds due the Agency shall be accessed by the Agency weekly.
305.8The agent shall deposit funds promptly in the bank account to be available on the designated day of collection, but not later than the next banking day.
305.9In the event there is a change in the agent's bank or bank account, the agent shall notify the Agency of the change within five (5) working days.
305.10The Agency may assess a monetary penalty not to exceed one thousand dollars ($1,000) for failure to comply with the requirements of this section.
305.11Funds deposited in an account pursuant to §305.4 shall not be assigned, pledged or used as collateral for any security interest. The transfer of any security interest in the funds shall be void.