Code of Maine Rules › 18 - DEPARTMENT OF ADMINISTRATIVE AND FINANCIAL SERVICES › 553 - BUREAU OF ALCOHOLIC BEVERAGES AND LOTTERY OPERATIONS (BABLO) › Chapter 80 - LOTTO AMERICA GAME RULES › Part II - Lotto America Game Rules › Section 553-80-II-6.0 - Lotto America Prize Payment

Current through 2024-29, July 17, 2024
6.1
Grand
				  Prizes.
6.1.1 Grand Prizes shall be
				  paid, at the election of the player made no later than sixty (60) days after
				  the player becomes entitled to the prize, with either a per-winner annuity or
				  single lump sum payment (which may be referred to as the "cash option"). If the
				  payment election is not made at the time of purchase and is not made by the
				  player within sixty (60) days after the player becomes entitled to the prize,
				  then the prize shall be paid as an annuity prize. An election for an annuity
				  payment made by a player before ticket purchase or by system default or design
				  may be changed to a cash option payment at the election of the player until the
				  expiration of sixty (60) days after the player becomes entitled to the prize.
				  The election to take the cash option payment may be made at the time of the
				  prize claim or within sixty (60) days after the player becomes entitled to the
				  prize. An election made after the winner becomes entitled to the prize is final
				  and cannot be revoked, withdrawn, or otherwise changed.
6.1.2 Shares of the Grand Prize shall be
				  determined by dividing the funds available in the GPP equally among all winning
				  Plays of the Grand Prize. Winner(s) who elect a cash option payment shall be
				  paid their share(s) in a single lump sum payment. The annuitized option prize
				  shall be determined by multiplying a winner's share of the Grand Prize pool by
				  a process as approved by the MUSL Board. Neither MUSL nor the Selling Lotteries
				  shall be responsible or liable for changes in the advertised or estimated
				  annuity prize amount and the actual amount purchased after the prize payment
				  method is actually known to MUSL.
6.1.3 In certain instances announced by the
				  Product Group, the Grand Prize shall be a guaranteed amount and shall be
				  determined pursuant to Section 6.5 of these rules.
6.1.4 If individual shares of the GPP funds
				  held to fund an annuity is less than two-hundred fifty thousand dollars
				  ($250,000.00), the Product Group, in its sole discretion, may elect to pay the
				  winners their share of the funds held in the GPP.
6.1.5 All annuitized prizes shall be paid
				  annually in thirty (30) payments with the initial payment being made in a
				  single payment, to be followed by twenty-nine (29) payments funded by the
				  annuity. Except as may be controlled by a Selling Lottery's governing statute,
				  all annuitized prizes shall be paid annually in thirty (30) graduated payments
				  (increasing each year) by a rate as determined by the Product Group. Prize
				  payments may be rounded down to the nearest one thousand dollars ($1,000.00).
				  Annual payments after the initial payment shall be made by the lottery on the
				  anniversary date or if such date falls on a non-business day, then the first
				  business day following the anniversary date of the selection of the Grand Prize
				  Winning Numbers.
6.1.6 Funds for
				  the initial payment of an annuitized prize or the lump sum cash option prize
				  payment shall be made available by MUSL for payment by the Selling Lottery no
				  earlier than the fifteenth calendar day (or the next banking day if the
				  fifteenth day is a holiday) following the drawing. If necessary, when the due
				  date for the payment of a prize occurs before the receipt of funds in the prize
				  pool trust sufficient to pay the prize, the transfer of funds for the payment
				  of the full lump sum cash option amount may be delayed pending receipt of funds
				  from the Selling Lotteries. A paying lottery may elect to make the initial
				  payment from its own funds after validation, with notice to MUSL.
6.1.7 If a Party Lottery purchases or holds
				  the prize payment annuity for a prize won in that jurisdiction, that Party
				  Lottery's game rules, and any prize payment agreement with the prize winner,
				  shall indicate that the prize winner has no recourse on the MUSL or any other
				  Party Lottery for payment of that prize.
6.1.8 In the event of the death of a lottery
				  winner during the annuity payment period, unless prohibited by jurisdictional
				  law, the MUSL Finance & Audit Committee, in its sole discretion excepting a
				  discretionary review by the Product Group, upon the petition of the estate of
				  the lottery winner (the "Estate") to the lottery of the jurisdiction in which
				  the deceased lottery winner purchased the winning Play, and subject to federal,
				  state, district, or territorial applicable laws, may accelerate the payment of
				  all of the remaining lottery proceeds to the Estate. If such a determination is
				  made, then securities and/or cash held to fund the deceased lottery winner's
				  annuitized prize may be distributed to the Estate. The identification of the
				  securities to fund the annuitized prize shall be at the sole discretion of the
				  Finance & Audit Committee or the Product Group.
6.1.9 If a Party Lottery purchases or holds
				  the prize payment annuity for a prize won in that jurisdiction, that Party
				  Lottery's game rules, and any prize payment agreement with the prize winner,
				  shall indicate that the prize winner has no recourse on the MUSL or any other
				  Party Lottery for payment of that prize.