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New Mexico Statutes Chapter 6. Public Finances § 6-24-16. Termination of lottery retailer contracts

Current as of January 01, 2024 | Updated by Findlaw Staff

A. Any lottery retailer contract executed by the authority pursuant to the New Mexico Lottery Act shall specify the reasons for which a contract may be terminated by the authority, which reasons shall include but not be limited to:

(1) a violation of the New Mexico Lottery Act or any rule, policy or procedure of the board adopted pursuant to that act;

(2) failure to accurately or timely account for lottery tickets, lottery games, revenues or prizes as required by the authority;

(3) commission of any fraud, deceit or misrepresentation;

(4) failure to achieve sales goals established by the lottery;

(5) conduct prejudicial to public confidence in the lottery;

(6) the lottery retailer's filing for or being placed in bankruptcy or receivership;

(7) any material change as determined in the sole discretion of the authority in any matter considered by the authority in executing the contract with the lottery retailer; and

(8) failure to meet any of the objective criteria established by the authority pursuant to the New Mexico Lottery Act.

B. The chief executive officer may terminate a contract with a lottery retailer for violations or actions that according to the terms of the contract, pursuant to Subsection A of this section, require termination.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 6. Public Finances § 6-24-16. Termination of lottery retailer contracts - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-6-public-finances/nm-st-sect-6-24-16/

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