Sec. 7-185b. Tuition raffles. Regulations. Special bank account. Financial report. - Connecticut Statutes

      Sec. 7-185b. Tuition raffles. Regulations. Special bank account. Financial report. (a) As used in this section, "tuition raffle" means a raffle in which the prize is payment of the tuition or part of the tuition at an educational institution for a student recipient designated by the raffle winner.

      (b) Notwithstanding the provisions of sections 7-170 to 7-186, inclusive, any organization qualified to conduct a bazaar or raffle under section 7-172 may conduct a special tuition raffle once each calendar year. The executive director shall adopt such regulations, in accordance with chapter 54, as are necessary to carry out the provisions of this section. Said regulations shall allow (1) any organization permitted to conduct a special tuition raffle to fund all or a portion of a student recipient's education each year for a period not to exceed four years, (2) permit the student recipient to be the actual tuition raffle winner, a relative of the raffle winner or a student chosen by the raffle winner, (3) give authority to the sponsoring organization to permit the tuition prize to be divided among student recipients designated by the raffle winner, (4) provide that the tuition prize be paid each consecutive year, commencing with the first year of the student recipient's education at an accredited private or parochial school, or public or independent institution of higher education selected by the student recipient, (5) provide that the tuition prize be paid directly to the educational institution designated by the student recipient, and no tuition prize shall be redeemed or redeemable for cash, and (6) provide that the tuition raffle winner have a period not to exceed four years to designate a student recipient.

      (c) All proceeds of the special tuition raffle shall be deposited in a special dedicated bank account approved by the executive director of the Division of Special Revenue, and all special tuition raffle expenses shall be paid from such account. The executive director shall prescribe the maintenance of tuition raffle accounts by any sponsoring organization and such accounts shall be subject to audit by the executive director or his designee. The executive director may require any organization conducting a tuition raffle to post a performance bond in an amount sufficient to fully fund the special tuition raffle prize to be awarded.

      (d) Any organization permitted to conduct a special tuition raffle shall, in addition to the verified financial statement required in accordance with section 7-182, file a tuition raffle financial report in a manner prescribed by the executive director. Such report shall detail the status of the tuition prize money or the raffle and any other information that the executive director may require, on a quarterly basis, during the months of January, April, July and October, until all tuition payments for each special tuition raffle have been paid.

      (P.A. 07-36, S. 9.)