Mo. Code Regs. tit. 12 § 40-60.020
Current through Register Vol. 49, No.12, June 17, 2024
Section 12 CSR 40-60.020 - Cash PrizesPURPOSE: This amendment updates the dollar amount of prizes the retailer is allowed to pay.
(1) The director shall have the authority to designate any game prize to be paid in periodic payments as set forth in this rule. Any prize not designated to be paid in periodic payments by the player or the director will be paid in a lump sum.(2) Lump sum payments may be paid out as follows:(A) Checks drawn upon the state treasury; or
(B) Payments by retailers up to a maximum of six hundred dollars ($600) per prize.(3) Periodic payments shall be made as follows: (A) The director shall designate the length of periodic payment period;(B) The first payment shall be in the first periodic payment period in which the prize is won; thereafter, there shall be one (1) payment per periodic payment period;(C) The director may purchase annuities from annuity sellers to provide periodic prize payments under this section. Annuity sellers shall meet the requirements of 12 CSR 4060.040. Funds held by an annuity seller under this section are the property of the prize winner or beneficiary and shall not be considered state funds; and(D) The director may purchase U.S. government securities or other instruments provided for by law for the purpose of funding periodic prize payments. These instruments are held for the benefit of the prize winner or beneficiary and shall not be considered state funds. AUTHORITY: sections 313.220, RSMo Supp. 1999 and 313.230(2), RSMo 1994.* Original rule filed Jan. 10, 1986, effective Jan. 20, 1986. Amended: Filed Jan. 23, 1986, effective Feb. 1, 1986. Amended: Filed April 27, 1987, effective July 11, 1987. Amended: Filed Jan. 12, 2000, effective Aug. 30, 2000. Amended by Missouri Register January 15, 2015/Volume 40, Number 02, effective 2/28/2015*Original authority: 313.220, RSMo 1985, amended 1988, 1993, 1995; 313.230, RSMo 1985, amended 1988, 1990, 1993.