A. Unclaimed prizes for a winning ticket or share shall be retained by theDirector for the person entitled thereto for 180 days after the drawing inwhich the prize was won in the case of a drawing prize and for 180 days afterthe announced end of the lottery game in the case of a prize determined inany manner other than by means of a drawing. If no claim is made for theprize within the 180 days, the Director shall deem such prize forfeited bythe person entitled to claim such winnings.
B. All prizes deemed forfeited pursuant to subsection A shall be paid intothe Literary Fund. The Director may develop procedures, to be approved by theAuditor of Public Accounts, for estimating the cumulative total of suchunclaimed prizes in any lottery game in lieu of specifically identifyingunclaimed prizes where such specific identification would not be costeffective. The Director, within sixty days after the end of each 180-dayretention period, shall report the total value of prizes forfeited at the endof such period to the Comptroller, who shall promptly transfer the total ofsuch prizes to the Literary Fund. The total value of prizes forfeited duringthe fiscal year shall be audited by the Auditor of Public Accounts inaccordance with § 58.1-4023. In the case of a prize payable over time on oneor more winning tickets, if one or more winning tickets is not claimed withinthe 180-day redemption period, the Department shall transfer the then currentmonetary value of such portion of the prize remaining unclaimed to theLiterary Fund in accordance with procedures approved by the State Treasurer."Current monetary value" shall be determined by the net proceeds from thesale of that portion of jackpot securities allocated to the unclaimed winnerplus the amount of the initial cash payment.
C. Subsection B of this section shall not apply to prizes of twenty-fivedollars or less resulting from any lottery game other than a lottery game inwhich a drawing determined the prize. The Board shall adopt regulations forthe disposition of all such unclaimed prizes of twenty-five dollars or lessnot resulting from a drawing. Such disposition shall be directed in whole orin part to either the State Lottery Fund or to other forms of compensation tolicensed sales agents.
D. For purposes of this section, "prize" refers to a cash prize. In thecase of a prize payable over time and not as a lump sum payment, "prize"means the present cash value of the prize, not the value paid over time.
E. In accordance with the provisions of the Soldiers' and Sailors' CivilRelief Act of 1940 (50 App. U.S.C.A. § 525), any person whose unclaimed prizewas deemed forfeited pursuant to subsection A while he was in active militaryservice may claim such forfeited prize by presenting his winning ticket tothe Director no later than 180 days after his discharge from active militaryservice. Within thirty days of such presentation, the Director shall verifythe claim and report the verification to the Comptroller. The Comptrollershall promptly pay the verified claim first from funds available in theUnclaimed Property Trust Fund in § 3-2.00 of the general appropriations act;if such funds are insufficient, then, from any undesignated, unreservedyear-end balance of the general fund. All verified claims shall be paid inaccordance with the Board's rules and regulations then in effect regardingthe manner of payment of prizes to the holders of winning tickets or shares.
(1987, c. 531; 1989, c. 478; 1992, c. 449; 1994, c. 49; 1996, c. 975.)
A. Unclaimed prizes for a winning ticket or share shall be retained by theDirector for the person entitled thereto for 180 days after the drawing inwhich the prize was won in the case of a drawing prize and for 180 days afterthe announced end of the lottery game in the case of a prize determined inany manner other than by means of a drawing. If no claim is made for theprize within the 180 days, the Director shall deem such prize forfeited bythe person entitled to claim such winnings.
B. All prizes deemed forfeited pursuant to subsection A shall be paid intothe Literary Fund. The Director may develop procedures, to be approved by theAuditor of Public Accounts, for estimating the cumulative total of suchunclaimed prizes in any lottery game in lieu of specifically identifyingunclaimed prizes where such specific identification would not be costeffective. The Director, within sixty days after the end of each 180-dayretention period, shall report the total value of prizes forfeited at the endof such period to the Comptroller, who shall promptly transfer the total ofsuch prizes to the Literary Fund. The total value of prizes forfeited duringthe fiscal year shall be audited by the Auditor of Public Accounts inaccordance with § 58.1-4023. In the case of a prize payable over time on oneor more winning tickets, if one or more winning tickets is not claimed withinthe 180-day redemption period, the Department shall transfer the then currentmonetary value of such portion of the prize remaining unclaimed to theLiterary Fund in accordance with procedures approved by the State Treasurer."Current monetary value" shall be determined by the net proceeds from thesale of that portion of jackpot securities allocated to the unclaimed winnerplus the amount of the initial cash payment.
C. Subsection B of this section shall not apply to prizes of twenty-fivedollars or less resulting from any lottery game other than a lottery game inwhich a drawing determined the prize. The Board shall adopt regulations forthe disposition of all such unclaimed prizes of twenty-five dollars or lessnot resulting from a drawing. Such disposition shall be directed in whole orin part to either the State Lottery Fund or to other forms of compensation tolicensed sales agents.
D. For purposes of this section, "prize" refers to a cash prize. In thecase of a prize payable over time and not as a lump sum payment, "prize"means the present cash value of the prize, not the value paid over time.
E. In accordance with the provisions of the Soldiers' and Sailors' CivilRelief Act of 1940 (50 App. U.S.C.A. § 525), any person whose unclaimed prizewas deemed forfeited pursuant to subsection A while he was in active militaryservice may claim such forfeited prize by presenting his winning ticket tothe Director no later than 180 days after his discharge from active militaryservice. Within thirty days of such presentation, the Director shall verifythe claim and report the verification to the Comptroller. The Comptrollershall promptly pay the verified claim first from funds available in theUnclaimed Property Trust Fund in § 3-2.00 of the general appropriations act;if such funds are insufficient, then, from any undesignated, unreservedyear-end balance of the general fund. All verified claims shall be paid inaccordance with the Board's rules and regulations then in effect regardingthe manner of payment of prizes to the holders of winning tickets or shares.
(1987, c. 531; 1989, c. 478; 1992, c. 449; 1994, c. 49; 1996, c. 975.)
A. Unclaimed prizes for a winning ticket or share shall be retained by theDirector for the person entitled thereto for 180 days after the drawing inwhich the prize was won in the case of a drawing prize and for 180 days afterthe announced end of the lottery game in the case of a prize determined inany manner other than by means of a drawing. If no claim is made for theprize within the 180 days, the Director shall deem such prize forfeited bythe person entitled to claim such winnings.
B. All prizes deemed forfeited pursuant to subsection A shall be paid intothe Literary Fund. The Director may develop procedures, to be approved by theAuditor of Public Accounts, for estimating the cumulative total of suchunclaimed prizes in any lottery game in lieu of specifically identifyingunclaimed prizes where such specific identification would not be costeffective. The Director, within sixty days after the end of each 180-dayretention period, shall report the total value of prizes forfeited at the endof such period to the Comptroller, who shall promptly transfer the total ofsuch prizes to the Literary Fund. The total value of prizes forfeited duringthe fiscal year shall be audited by the Auditor of Public Accounts inaccordance with § 58.1-4023. In the case of a prize payable over time on oneor more winning tickets, if one or more winning tickets is not claimed withinthe 180-day redemption period, the Department shall transfer the then currentmonetary value of such portion of the prize remaining unclaimed to theLiterary Fund in accordance with procedures approved by the State Treasurer."Current monetary value" shall be determined by the net proceeds from thesale of that portion of jackpot securities allocated to the unclaimed winnerplus the amount of the initial cash payment.
C. Subsection B of this section shall not apply to prizes of twenty-fivedollars or less resulting from any lottery game other than a lottery game inwhich a drawing determined the prize. The Board shall adopt regulations forthe disposition of all such unclaimed prizes of twenty-five dollars or lessnot resulting from a drawing. Such disposition shall be directed in whole orin part to either the State Lottery Fund or to other forms of compensation tolicensed sales agents.
D. For purposes of this section, "prize" refers to a cash prize. In thecase of a prize payable over time and not as a lump sum payment, "prize"means the present cash value of the prize, not the value paid over time.
E. In accordance with the provisions of the Soldiers' and Sailors' CivilRelief Act of 1940 (50 App. U.S.C.A. § 525), any person whose unclaimed prizewas deemed forfeited pursuant to subsection A while he was in active militaryservice may claim such forfeited prize by presenting his winning ticket tothe Director no later than 180 days after his discharge from active militaryservice. Within thirty days of such presentation, the Director shall verifythe claim and report the verification to the Comptroller. The Comptrollershall promptly pay the verified claim first from funds available in theUnclaimed Property Trust Fund in § 3-2.00 of the general appropriations act;if such funds are insufficient, then, from any undesignated, unreservedyear-end balance of the general fund. All verified claims shall be paid inaccordance with the Board's rules and regulations then in effect regardingthe manner of payment of prizes to the holders of winning tickets or shares.
(1987, c. 531; 1989, c. 478; 1992, c. 449; 1994, c. 49; 1996, c. 975.)
