PAYMENT OF PRIZE AWARDED TO MINOR

(a) If a minor is entitled to prize money on a winning ticket in an amount less than $600, the director may make payment by delivery to an adult member of the minor's family, or to the minor's guardian, of a warrant payable to the order of the minor. (b) If a minor is entitled to prize money on a winning ticket in an amount of $600 or more, the director may direct payment to the minor by depositing the amount of the prize in any financial institution to the credit of an adult member of the minor's family or of the minor's guardian as custodian for the minor. (c) The director shall pay the cash equivalent of a prize other than prize money if the person entitled to claim the prize is a minor. Payment of the cash equivalent of a prize other than prize money to a minor shall be made as provided by Subsections (a) and (b). (d) A person designated to receive payment on behalf of a minor has the powers and duties of a custodian under Chapter 141, Property Code. (e) In this section: (1) "Adult" means an individual who is at least 18 years of age. (2) "Custodian," "financial institution," "guardian," and "member of the minor's family," have the meanings assigned by Section 141.002, Property Code. (3) "Minor" means an individual who is younger than 18 years of age.