How to Get a Lottery Agent License in West Virginia
Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your West Virginia Lottery Retailer Bond needs.
How Do I Get a Lottery Retailer Agents License?
To set the ball in motion for obtaining a lottery retailer license in West Virginia, fill out the contact form on the Lottery website and submit it as an indication of your interest. You will be contacted by a West Virginia Lottery Licensing Specialist for an evaluation within 10 business days. That evaluation will determine whether you can proceed with the licensing process.
What Does the Licensing Process Involve?
When you fill out an application for a lottery retailer license, your signature authorizes a criminal record check, credit check, and review of your tax status to make sure you meet the qualification requirements for licensure as a lottery retailer.
The West Virginia Lottery Commission maintains a blanket fidelity bond covering all licensed lottery retailers. A small portion of the license fee and annual renewal fee go toward the premium for that bond. In addition, the lottery statutes allow the Commission to require an individual surety bond from certain lottery retailers upon review of a new or renewal license application.
Why Is a Lottery Bond Required?
conduct lottery activities in accordance with the state’s lottery statutes and the lottery retailer contract. Any noncompliant act causing monetary loss to the state or other party can result in claims against the bond. The fact the lottery retailer (known as the bond’s “principal”) is legally obligated to pay valid claims provides a measure of financial protection for the State Lottery (the bond’s “obligee”) and the public.
How Does a Lottery Bond Work?
A West Virginia lottery bond is a legally binding contract between the obligee requiring the bond, the principal purchasing the bond, and the “surety”— the bond’s guarantor. The surety is indemnified against any responsibility for claims but guarantees they will be paid by the principal. Consequently, the normal practice is for the surety to pay a valid claim initially and be reimbursed by the principal. A principal who fails to repay the surety can be sued by the surety to recover the claim amount, plus legal fees.
What Does a Lottery Bond Cost?
If you are required to purchase a West Virginia lottery bond, you’ll pay an annual premium that is a small percentage of the required bond amount established by the obligee. The surety will determine the appropriate premium rate based on an underwriting evaluation of the risk you might not repay the surety for claims paid on your behalf. Your personal credit score is the accepted measure of that risk.
If your credit is good, your premium rate should be no more than 1% to 2%. If your credit score is on the low side, you’ll pay a higher premium rate.
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Our surety bond professionals will get you the lottery retailer bond in the West Virginia you need at a competitive rate.