Connecticut Senate Bill SB00268

Connecticut 2020 Regular Session

• Introduced: 2/26/20
• Refer: 2/26/20

Caption

An Act Concerning Interest On Lottery Sales Agent Delinquency Assessments.

Impact

The bill allows lottery sales agents whose accounts are delinquent as of July 1, 2020, to apply for a hardship waiver. This waiver permits them to recalibrate their outstanding interest from compounding to simple interest—potentially lowering their financial burden. The measure aims to be more equitable for agents who may face legitimate difficulties in settling debts owed to the state. Additionally, it introduces a regulatory framework where agents can contest delinquency assessments, providing them with more means to address these charges.

Summary

SB00268, titled 'An Act Concerning Interest On Lottery Sales Agent Delinquency Assessments,' seeks to amend existing legislation surrounding the financial penalties imposed on lottery sales agents who fail to meet their fiduciary responsibilities to the Connecticut Lottery Corporation. The bill specifically addresses the manner in which interest accumulates on delinquent accounts, changing from the previously used compounding interest to a simpler model of accruing interest at the rate of one-and-a-half percent per month. This shift represents a significant change in how sales agents will be penalized for late payments.

Contention

The notable points of contention revolve around whether the changes will sufficiently discourage delinquency among lottery sales agents. While proponents argue that switching to simple interest is fairer and reduces excessive penalties, critics might raise concerns about whether such changes could inadvertently encourage irresponsible financial behavior. Furthermore, discussions may also emerge regarding the enforcement of penalties and how effectively the measures will be implemented and regulated by the Commissioner of Consumer Protection.