Surety Bond for Wyoming Lottery Vendors

Category: Uncategorized
Published: Mar 7, 2012
HB 186: Miscellaneous Bond – Lottery Contracts

The lottery will be authorized in Wyoming through this bill. Vendors will be required to post a performance bond or other security for contracts with the proposed Wyoming Lottery Corporation. Through this new bill lottery retailers may be required to post a bond from an insurance company acceptable to the Corporation. The amount of the bond cannot exceed the applicable district sales average of lottery tickets for two billing periods. The Corporations employees that have had access to its funds would also have to be bonded. The amount of the bond for the employees would be determined by the board.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.