HOUSE BILL No. 4592


     April 9, 1997, Introduced by Reps. Thomas, Griffin, Schermesser and Kaza and referred to the Committee on Commerce.


        A bill to amend 1972 PA 239, entitled

   "McCauley-Traxler-Law-Bowman-McNeely lottery act,"

   by amending section 35 (MCL 432.35).

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1         Sec. 35.  (1) The commissioner shall require that all moneys

 2    collected from the sale of lottery tickets be deposited in

 3     banks, savings and loan associations and credit unions  1 OR

 4    MORE FINANCIAL INSTITUTIONS to the credit of the state as desig-

 5    nated by the state treasurer.  Each deposit shall be accompanied

 6    by a report of the agent's receipts and transactions in the sale

 7    of lottery tickets and containing such information as the commis-

 8    sioner may require.

 9         (2) The commissioner may make  such  arrangements for

10     banks, savings and loan associations and credit unions  A

11    FINANCIAL INSTITUTION to perform  such  functions, activities, or


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 1    services in connection with the operation of the lottery as he

 2     deems  OR SHE CONSIDERS advisable  pursuant to  UNDER this act

 3     and the rules,  and the functions, activities, or services shall

 4    constitute lawful functions, activities and services of  banks,

 5     savings and loans associations and credit unions  THE FINANCIAL

 6    INSTITUTION.

 7         (3) AS USED IN THIS SECTION, "FINANCIAL INSTITUTION" MEANS A

 8    STATE OR NATIONALLY CHARTERED BANK, SAVINGS AND LOAN ASSOCIATION,

 9    SAVINGS BANK, OR CREDIT UNION WHOSE DEPOSITS ARE INSURED BY AN

10    AGENCY OF THE UNITED STATES GOVERNMENT AND WHICH MAINTAINS A

11    PRINCIPAL OFFICE OR BRANCH OFFICE LOCATED IN MICHIGAN UNDER THE

12    AUTHORITY OF THE LAWS OF MICHIGAN OR OF THE UNITED STATES.
































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