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Colorado Revised Statutes Title 44. Activities Regulated by the Department of Revenue § 44-40-121. Licensed agent recovery reserve--payments from reserve--revocation of license

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) There is hereby created in the lottery fund the licensed agent recovery reserve, which shall be used under the direction of the division in the manner prescribed in this section.

(2)(a) Beginning January 1, 1988, each licensed sales agent shall pay to the division a fee.

(b) The amount of the fee and the frequency with which it shall be collected shall be established by the commission pursuant to rule.

(c) All fees collected by the division pursuant to subsection (2)(b) of this section shall be transmitted to the state treasurer, who shall credit the same to the lottery fund, and the fees shall be maintained administratively as part of the licensed agent recovery reserve. Any interest earned on the investment of the fees in the fund shall be credited at least annually to said reserve.

(d) No money shall be appropriated from the general fund for the payment of any expenses incurred under this section, and no expenses shall be charged against the state.

(3) When a licensed sales agent has failed to remit any money owed to the lottery under rule, the division shall transfer money in the amount equivalent to the unpaid amount from the licensed agent recovery reserve to the lottery fund.

(4) If the division is required to make a transfer pursuant to subsection (3) of this section, the director shall revoke the sales agent's license in accordance with the provisions of section 44-40-107(3). If the license is revoked, the sales agent shall not be eligible to be licensed again until he or she has repaid in full the amount paid from the licensed agent recovery reserve.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 44. Activities Regulated by the Department of Revenue § 44-40-121. Licensed agent recovery reserve--payments from reserve--revocation of license - last updated January 01, 2025 | https://codes.findlaw.com/co/title-44-activities-regulated-by-the-department-of-revenue/co-rev-st-sect-44-40-121/

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