LRB-2684/1
RAC:kaf:km
1997 - 1998 LEGISLATURE
April 3, 1997 - Introduced by Representatives Ladwig, Olsen, Brandemuehl,
Grothman, Powers, Seratti and Wasserman, cosponsored by Senator Plache.
Referred to Joint committee on Finance.
AB239,1,2
1An Act to amend 565.30 (6) of the statutes;
relating to: assignability of a lottery
2prize.
Analysis by the Legislative Reference Bureau
Under current law, the department of revenue is required to pay a prize to the
holder of a winning lottery ticket or lottery share. A prize for a winning lottery ticket
or share may be payable in instalments over a period of years if the informational
material about the lottery specifies the number of years over which the prize may be
paid. In addition, under current law, the right of any person to a lottery prize may
not be assigned.
This bill provides that the right of a person to a lottery prize may be assigned
as security for a loan, the proceeds of which are used solely to pay federal or state
estate taxes.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB239, s. 1
3Section
1. 565.30 (6) of the statutes is amended to read:
AB239,2,3
1565.30
(6) Nonassignability. The right of any person to a prize may not be
2assigned
, except as security for a loan, the proceeds of which are used solely to pay
3federal or state estate taxes.
AB239,2,65
(1) This act applies to any lottery prize awarded or lottery prize instalment paid
6on or after the effective date of this subsection.
