Lottery retailers have a fiduciary responsibility to handle lottery tickets and lottery sales proceeds in accordance with CLC regulations. If CLC (the bond’s “obligee”) has any doubt about your level of financial responsibility, you will be required to purchase a lottery bond to provide financial protection for both CLC and the public. The bond would serve as your pledge (as the bond’s “principal”) to conduct your lottery business in accordance with all applicable laws and lottery regulations.
How to Get a Lottery Sales Agent License in Connecticut
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 sales agent licensing in Connecticut. 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?
In Connecticut, lottery retailers are licensed by the Connecticut Lottery Corporation (CLC), which operates under the auspices of the state’s Department of Consumer Protection (DCP).
Why Is a Surety Bond Required?
How Do They Work?
A Connecticut lottery bond is a legally binding contract among its obligee, its principal, and a third party—the bond’s guarantor (the “surety”). The principal is legally obligated to pay all valid claims submitted by CLC or another party that has experienced a financial loss as a result of the principal’s unlawful or unethical conduct that violates the terms of the surety bond agreement.
However, the principal does not pay the claimant directly. The surety has guaranteed the payment of a valid claim and, therefore, will pay a claim up front and then be reimbursed by the principal.
What Are the Steps in the Licensing Process?
To initiate the licensing process that will bring in additional income for your retail business, visit the DCP website, and request an application package using the contact information provided under “New Applicants.” Complete the application in its entirety and return the required supporting documents to the address on the application.
Upon receipt of your completed application package, CLC will conduct the criminal records check and credit check authorized by your signature on the application. CLC’s review will include verification of the personal and financial information you have provided, which will determine whether you meet the financial responsibility criteria for becoming a lottery retailer. If you do not meet those criteria, CLC may require you to provide a lottery bond before you will be approved for a license. If you must purchase a surety bond, CLC will advise you of the required bond amount, which is also known as the bond’s “penal sum.”
Once your application is approved, you will need to complete the CLC’s required lottery agent training.
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What Do They Cost?
The annual premium for a Connecticut lottery bond is the product of multiplying the bond’s penal sum established by the obligee by the premium rate set by the surety on a case-by-case basis. The surety’s main underwriting concern is the risk of not being reimbursed for claims paid on the principal’s behalf. The principal’s personal credit score is a good way to measure that risk. A person with good credit has been financially responsible in the past and is likely to pay any debt owed to the surety, so the premium rate will be low, in the range of one to two percent. Someone with a lower credit score presents a higher risk to the surety and will be assigned a higher premium rate.
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How Do Connecticut Lottery Bonds Work?
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