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Developed and maintained by the Division of Legislative Automated Systems.
1996 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-4020 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-4020. Unclaimed prizes.
A. Unclaimed prizes for a winning ticket or share shall be retained by the
Director for the person entitled thereto for 180 days after the drawing in
which the prize was won in the case of a drawing prize and for 180 days after
the announced end of the lottery game in the case of a prize determined in any
manner other than by means of a drawing. If no claim is made for the prize
within the 180 days, the Director shall deem such prize shall be
considered forfeited by the person entitled to claim such winnings.
B. Forfeited All prizes deemed forfeited pursuant to
subsection A shall be paid into the Literary Fund. The Director may develop
procedures, to be approved by the Auditor of Public Accounts, for estimating
the cumulative total of such unclaimed prizes in any lottery game in lieu of
specifically identifying unclaimed prizes where such specific identification
would not be cost effective. The Director, within sixty days after the end of
each 180-day retention period, shall report the total value of prizes forfeited
at the end of such period to the Comptroller, who shall promptly transfer the
total of such prizes to the Literary Fund. The total value of prizes forfeited
during the fiscal year shall be audited by the Auditor of Public Accounts in
accordance with § 58.1-4023. In the case of a prize payable over time
on one or more winning tickets, if such prize is shared by two or
more winning tickets, one or more of which are winning tickets is
not claimed within the 180-day redemption period, the Department shall
transfer the then current monetary value of such portion of the prize
remaining unclaimed to the Literary Fund in accordance with procedures approved
by the State Treasurer. "Current monetary value" shall be determined by the
net proceeds from the sale of that portion of jackpot securities allocated to
the unclaimed winner plus the amount of the initial cash payment.
C. Subsection B of this section shall not apply to prizes of twenty-five dollars or less resulting from any lottery game other than a lottery game in which a drawing determined the prize. The Board shall adopt regulations for the disposition of all such unclaimed prizes of twenty-five dollars or less not resulting from a drawing. Such disposition shall be directed in whole or in part to either the State Lottery Fund or to other forms of compensation to licensed sales agents.
D. For purposes of this section, "prize" refers to a cash prize. In the case 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' Civil Relief
Act of 1940 (50 App. U.S.C.A. § 525), any person whose unclaimed prize
was deemed forfeited pursuant to subsection A while he was in active
military service may claim exemption from the 180-day ticket redemption
requirement. Such person, however, must claim his winning ticket or share as
soon as practicable and in such forfeited prize by presenting his
winning ticket to the Director no event later than 180 days after
his discharge from active military service. Within thirty days of
such presentation, the Director shall verify the claim and report the
verification to the Comptroller. The Comptroller shall promptly pay the
verified claim first from funds available in the Unclaimed Property Trust Fund
in § 3-2.00 of the general appropriations act; if such funds are
insufficient, then, from any undesignated, unreserved year-end balance of the
general fund. All verified claims shall be paid in accordance with the Board's
rules and regulations then in effect regarding the manner of payment of prizes
to the holders of winning tickets or shares.