The bonding requirements for Georgia lottery retailers originates from the Georgia Lottery for Education Act.
The Georgia Lottery Corporation is this surety bond’s obligee; that is, they are the regulatory requiring you to obtain the surety bond as a condition of being or remaining a retailer.
No specific amount of surety bond is stated by the Georgia statute for lottery retailers, although as a seller of lottery goods, you are required to purchase a surety bond or its equivalent.
Basically, the law is that the amount of bond required is “...in such amounts as required by the board.”
What this likely means is that based on your financials, history, number of locations, and other factors, the Board (Georgia Lottery Corporation) will determine what amount of surety bond you are required to purchase.
Anything that you have in writing from the Board in this regard will help us secure the best surety bond pricing for you.
Whatever the amount required, the purpose of the Georgia lottery bond is a financial guarantee which ensures your compliance with all rules, statutes and regulations in your capacity as a retailer of lottery goods.
The bond protects the state of Georgia --- and the state’s residents --- from any malfeasance, fraud, theft, errors of commission and omission in your responsibility as a lottery retailer.
Without knowing the exact amount of the surety bond required, the bond’s premium will be less determinable.
As a general rule, however, the amount of a Georgia lottery retailer bond will be a small percentage of the amount required.
An applicant may expect to pay anywhere between 2-5% of the bond’s required amount as premium.
Factors which will affect the amount required include information provided on the application and an applicant credit score.
Once purchased and active, the bond is good for one year from the date of issuance.
A currently active surety bond must always remain on file to maintain eligibility as a Georgia lotto retailer.
Our agency will work for you to find the best surety bond pricing.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit surety bonds, contractor, and court bonds throughout Georgia.
Our agency also provides surety bonds nationwide.
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