The state of Arkansas enacted a new law concerning vendors within the state. Titled HB 1002/SB26, the new law asks vendors to acquire a performance bond, letter of credit or securities for contracts with the Arkansas Lottery Commission; the commission will establish the required surety bond amount. All lottery retailers also have to place a surety bond or alternative security in a quantity that cannot surpass the average ticket revenue throughout two billing periods. Any staff handling the Lottery Commission’s funds or lottery revenue must obtain a surety bond in an amount that the Commission will establish. HB 1002/SB26 became active on July 1, 2009.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.