313.351. Lottery commission to submit plan, how approved. - Missouri Statutes

Lottery commission to submit plan, how approved.

313.351. Prior to implementing any plan to allow state lottery prizewinners who are currently receiving annuity payments to receive a singlecash payment in lieu of remaining annuity payments, the state lotterycommission shall submit to the president pro tempore of the senate, thespeaker of the house of representatives, and the commissioner of the officeof administration the details of the plan and its estimated effect on thelevel of total state revenues as defined in article X, section 17 of theMissouri Constitution as well as the benefits of allowing financialinstitutions which are FDIC insured to participate in such plan. No suchplan which permits the option of receiving a single cash payment in lieu ofremaining annuity payments shall be implemented unless approved by thegeneral assembly by concurrent resolution and submitted to the governor inaccordance with the provisions of article IV, section 8 of the MissouriConstitution.

(L. 1999 S.B. 386 § 3)

CROSS REFERENCE:

Commission may allow pre-October 22, 1998, lottery winners receiving annual payments to elect to receive a single cash payment, expiration date.