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Texas Occupations Code - OCC § 2002.056. Restrictions on Prizes

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

(a) A prize offered or awarded at a raffle may not be money.

(b) Except as provided by Subsections (b-1) and (c), the value of a prize offered or awarded at a raffle that is purchased by the organization or for which the organization provides any consideration may not exceed $75,000.

(b-1) The value of a residential dwelling offered or awarded as a prize at a raffle that is purchased by the organization or for which the organization provides any consideration may not exceed $750,000.

(c) A raffle prize may consist of one or more tickets in the state lottery authorized by Chapter 466, Government Code, with a face value of $75,000 or less, without regard to whether a prize in the lottery game to which the ticket or tickets relate exceeds $75,000.

(d) A raffle is not authorized by this chapter unless the organization:

(1) has the prize to be offered in the raffle in its possession or ownership;  or

(2) posts bond with the county clerk of the county in which the raffle is to be held for the full amount of the money value of the prize.

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Cite this article: FindLaw.com - Texas Occupations Code - OCC § 2002.056. Restrictions on Prizes - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-2002-056/

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