On the GACOAM.COM website, the Georgia Lottery has released some helpful advice for all location owners, in reference to protocol on location license applications. One of the major additions to the application process is the GA Lottery COAM Location License Financial Security Deposit. Being prepared will help to avoid any issues that may occur during the licensing process. Lucky Coin wants to make sure that all locations are made aware of the best practices for operating the games and applying for a location license. On the Georgia Lottery COAM website, the GA Lottery informs location license holders of the following regulations:
ACCEPTANCE OF A FINANCIAL SECURITY DEPOSIT (FSD)
As part of the application process, the GLC reviews the credit history of all Location license applicants using business and personal credit reports. If it has been determined the applicant does not meet the minimum credit requirements, the applicant is requested to complete an FSD packet and provide a security deposit on behalf of the GLC. The security deposit will be assigned to the GLC in order to guarantee prompt payment of all liabilities or obligations to the GLC. In order to ensure compliance with COAM laws, rules, and regulations, the RCA Department cannot accept FSDs directly from a MLH, any person or company representing a MLH on behalf of a LLH, or anyone acting on behalf of or with the approval of the licensee, compensated or otherwise. Separation of the funds of a LLH from those of a MLH not only serves to protect the license holder but also avoids the appearance of impropriety, and therefore the acceptance of funds from a MLH on behalf of a LLH is not permitted. As a reminder and pursuant to O.C.G.A. 50-27-87.1 (4), a MLH shall not provide anything of value, to a location owner or location operator, as any incentive, inducement, or any other consideration to locate COAMs in the establishment. Failure to comply with this requirement may result in fines up to $50,000 and revocation of the license.
We would love to answer any questions about the GA Lottery COAM Location License Financial Security Deposit. Lucky Coin, is a family owned coin operated amusement business, that can offer you the ability to increase GA Lottery sales with the addition of Class A and B COAMs! We believe that we can provide more value, better equipment, and better customer service than any provider, at NO risk and NO cost to you. Even if you are happy with your current skill redemption game provider, Lucky Coin would love to provide you with the best choice when it comes to your convenience retail, bar, restaurant, or amusement center needs. If you are interested in working with Lucky Coin, or learning more about 2019-2020 GA COAM Location License Renewal Instructions contact us at info@luckycoininc.com, luckycoininc.com/contact, facebook.com/luckycoininc, or at 1-855-34-LUCKY.