A lottery agent bond obligates a licensed lottery retailer (the bond’s “principal”) to operate in compliance with all applicable state laws and OSLC regulations. Any violation that causes a monetary loss to the state can result in OSLC filing a claim for damages against the principal’s lottery retailer bond.
How to Become a Lottery Retailer in Oregon
At Surety Bonds Agent, we offer a full range of surety bonds nationwide through an extended carrier network. Continue below to learn more about lottery retailer licensing in Oregon. If you have additional questions or want to explore bonding solutions for your business, speak with one of our knowledgeable surety bond experts.
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Who Licenses Lottery Retailers?
To enjoy the benefits of selling lottery tickets in Oregon, you must obtain a lottery retailer license from the Oregon State Lottery Commission (OSLC).
Why Is a Surety Bond Required?
How Do They Work?
There is a third party to a lottery bond—the bond’s guarantor (known as the “surety”). The bond is a legally binding contract among all three parties.
The principal is solely responsible, legally obligated in fact, for the payment of all valid claims against the bond. However, the surety has guaranteed their payment. Therefore, to honor that guarantee and expedite the resolution of a claim, the surety will first investigate to make sure the claim is legitimate and, if it is, will make payment directly to the obligee. That payment is an extension of credit to the principal, who must subsequently repay that debt to the surety. Failure to do so can result in the surety taking legal action against the principal to recover the funds.
What Are the Steps in the Licensing Process?
Before you can apply for a lottery retailer license, you must be properly registered to operate a retail establishment in the state of Oregon. Once you have all the necessary documentation to show your legal status as a tax-paying Oregon business entity, you can call 503-540-1136 or 1-800-766-6789, extension 1136, and speak with an Oregon Lottery Retail Contracts Consultant, who will get you started with the application process.
Your signed application for a lottery retailer license authorizes OSLC to conduct checks into your finances, credit history, tax liabilities, and any criminal records. If you don’t meet OSLC’s financial stability requirements, you may be required to furnish a surety bond or irrevocable letter of credit before you will be approved for a lottery retailer license. If this is the case, OSLC (known as the bond’s “obligee,” the party requiring the bond) will determine the required amount.
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What Do They Cost?
The annual premium for an Oregon lottery retailer bond is a small percentage of the required bond amount, which is determined through an underwriting assessment of the risk to the surety. The primary concern is that the principal will incur a claim and not repay the surety for the debt created by paying it on the principal’s behalf.
The principal’s financial stability and personal credit score are key underwriting factors.
The higher the principal’s credit score, the lower the risk and the lower the premium rate—potentially as low as 1% or even a little lower. The reverse is also true. A low credit score indicates high risk and results in a high premium rate.
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