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2003 Session

Budget Bill - HB1400 (Introduced)

State Lottery Department

Item 524

Item 524

First Year - FY2003Second Year - FY2004
Disbursement of Lottery Prize Payments (81200)sum sufficient
Fund Sources:  

Authority: Title 58.1, Chapter 40, Code of Virginia.


A. There is hereby appropriated from affected funds in the state treasury, for payment of prizes awarded by the state lottery and of commissions to lottery sales agents, in accordance with law, a sum sufficient.


B. Consistent with § 58.1-4020, Code of Virginia, the State Lottery Department shall in each year transfer to the Unclaimed Property Trust Fund an amount which represents the estimated current monetary value of unclaimed Lotto prizes owing to such fund.


C. Notwithstanding any regulations to the contrary, the State Lottery Department shall allow lottery winners who are currently receiving payments in the form of an annuity to elect a one-time cash payment in lieu of such annuity, consistent with federal law and regulations.