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Developed and maintained by the Division of Legislative Automated Systems.
1998 SESSION
HB 837 Assignment of lottery proceeds.
Introduced by: Eric I. Cantor | all patrons ... notes | add to my profiles
SUMMARY:
Assignment of lottery proceeds. Provides that lottery winners who receive their lottery winnings in installments may assign those winnings or pledge the winnings as collateral for a loan pursuant to a written contract signed by both parties and approved by a court of appropriate jurisdiction. Lenders and assignees must register with the State Lottery and are prohibited from making any communication with a lottery winner which implies that the assignee or lender is affiliated with the Lottery. The assignor or borrower must have received independent legal counsel and financial counsel prior to entering into the contract and have three business days after the contract is signed to cancel the contract. The contract must also fully disclose the terms of the contract. The interest rate on any loan or assignment may not exceed 12 percent.
The Lottery Department is required to submit a report and recommendations to the 1999 General Assembly on such borrowings and assignments.
The bill is subject to a July 1, 1999, sunset.
FULL TEXT
- 01/26/98 House: Presented & ordered printed 989116146 pdf
- 02/12/98 House: Committee substitute printed 981588180-H1 pdf
- 02/26/98 Senate: Committee substitute printed 987624757-S1 pdf
- 03/09/98 Senate: Committee substitute printed 988793146-S2 pdf
- 03/16/98 House: Conference substitute printed 988489146-H2 pdf
- 04/02/98 House: Bill text as passed House and Senate (HB837ER) pdf
- 04/29/98 House: Reenrolled bill text (HB837ER) pdf
- 05/15/98 Governor: Acts of Assembly Chapter text (CHAP0853) pdf
AMENDMENTS
HISTORY
- 01/26/98 House: Presented & ordered printed 989116146
- 01/26/98 House: Referred to Committee for Courts of Justice
- 01/30/98 House: Reported from Courts of Justice (23-Y 0-N)
- 01/30/98 House: Referred to Committee on General Laws
- 02/02/98 House: Assigned to General Laws sub-committee: 6
- 02/12/98 House: Committee substitute printed 981588180-H1
- 02/12/98 House: Reported from General Laws with sub. (26-Y 0-N)
- 02/12/98 House: Read first time
- 02/13/98 House: Passed by for the day
- 02/14/98 House: Read second time
- 02/14/98 House: Committee substitute agreed to 981588180-H1
- 02/14/98 House: Engrossed by House - com. sub. 981588180-H1
- 02/15/98 House: Read third time and passed House (Block Vote) (99-Y 0-N)
- 02/15/98 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/15/98 House: Communicated to Senate
- 02/16/98 Senate: Constitutional reading dispensed
- 02/16/98 Senate: Referred to Committee on General Laws
- 02/25/98 Senate: Reported from General Laws with sub. (15-Y 0-N)
- 02/26/98 Senate: Const. reading disp., passed by for the day (39-Y 0-N)
- 02/26/98 Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
- 02/26/98 Senate: Committee substitute printed 987624757-S1
- 02/27/98 Senate: Passed by for the day
- 03/02/98 Senate: Read third time
- 03/02/98 Senate: Reading of substitute waived
- 03/02/98 Senate: Committee substitute agreed to 987624757-S1
- 03/02/98 Senate: Passed by for the day
- 03/03/98 Senate: Read third time
- 03/03/98 Senate: Passed by motion rejected
- 03/03/98 Senate: Motion to rerefer to committee agreed to
- 03/03/98 Senate: Rereferred to Courts of Justice
- 03/04/98 Senate: Assigned to C. J. sub-committee: Civil & Property Law
- 03/08/98 Senate: Reported from Courts of Justice w/sub. (11-Y 1-N 2-A)
- 03/09/98 Senate: Committee substitute printed 988793146-S2
- 03/09/98 Senate: Passed by for the day
- 03/10/98 Senate: Read third time
- 03/10/98 Senate: General Laws com. sub. reconsidered (39-Y 0-N)
- 03/10/98 Senate: VOTE: RECONSIDER R (39-Y 0-N)
- 03/10/98 Senate: General Laws committee sub. rejected
- 03/10/98 Senate: Reading of substitute waived
- 03/10/98 Senate: Courts of Justice committee sub. agd. to 988793146-S2
- 03/10/98 Senate: Engrossed by Senate - comm. sub. 988793146-S2
- 03/10/98 Senate: Passed Senate with substitute (38-Y 1-N)
- 03/10/98 Senate: VOTE: PASSAGE R (38-Y 1-N)
- 03/11/98 House: Placed on Calendar
- 03/12/98 House: Senate substitute rejected by House (9-Y 90-N)
- 03/12/98 House: VOTE: ADOPTION (9-Y 90-N)
- 03/12/98 Senate: Senate insisted on substitute (39-Y 0-N)
- 03/12/98 Senate: VOTE: INSIST & REQUEST R (39-Y 0-N)
- 03/12/98 Senate: Senate requested conference committee
- 03/12/98 House: House acceded to request
- 03/12/98 Senate: Conferees appointed by Senate
- 03/12/98 Senate: Senators: Hawkins, Woods, Reynolds
- 03/12/98 House: Conferees appointed by House
- 03/12/98 House: Delegates: Cantor, Armstrong, Katzen
- 03/13/98 House: Conference report agreed to by House (82-Y 5-N)
- 03/13/98 House: VOTE: ADOPTION (82-Y 5-N)
- 03/13/98 Conference: Senate substitute rejected by conference committee
- 03/13/98 Conference: Sub. recommended by conference comm. 988489146
- 03/13/98 Senate: Reading of conference report waived
- 03/13/98 Senate: Conference report agreed to by Senate (31-Y 1-N)
- 03/13/98 Senate: VOTE: CONF. COMMITTEE RPT R (31-Y 1-N)
- 03/16/98 House: Conference substitute printed 988489146-H2
- 04/02/98 House: Bill text as passed House and Senate (HB837ER)
- 04/06/98 House: Enrolled
- 04/06/98 House: Signed by Speaker
- 04/08/98 Senate: Signed by President
- 04/16/98 House: Governor's recommendation received by House
- 04/22/98 House: Placed on Calendar
- 04/22/98 House: House concurred in Gov's recommendation (96-Y 3-N)
- 04/22/98 House: VOTE: ADOPTION (96-Y 3-N)
- 04/22/98 Senate: Senate concurred in Gov's recommendation (39-Y 0-N)
- 04/22/98 Senate: VOTE: ADOPT GOV. RECOMM. R (39-Y 0-N)
- 04/22/98 Governor: Governor's recommendation adopted
- 04/22/98 House: Reenrolled
- 04/22/98 House: Signed by Speaker as reenrolled
- 04/22/98 Senate: Signed by President as reenrolled
- 04/22/98 House: Enacted, Chapter 853 (effective-see bill)
- 04/29/98 House: Reenrolled bill text (HB837ER)
- 05/15/98 Governor: Acts of Assembly Chapter text (CHAP0853)