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S.F. No. 1043 - Savings Promotion Raffles
 
Author: Senator Vicki Jensen
 
Prepared By: Christopher B. Stang, Senate Counsel (651/296-0539)
 
Date: March 6, 2015



 

Section 1 authorizes state banks to conduct savings promotion raffles.

Section 2 authorizes state credit unions to conduct savings promotion raffles.

Section 3 exempts savings promotion raffles from the law regulating prizes.

Sections 4 to 6 establish definitions for savings promotion raffles. A “savings promotion raffle” is a contest in which a chance of winning designated prizes is obtained by the deposit of a specified amount of money in an account offered by a state or federally chartered credit union or bank.

Section 7 provides for applicability of definitions to an expanded statute range, replacing a subdivision repealed in section 9.

Section 8 establishes conditions for savings promotion raffles. Participants may not be required to provide consideration other than a deposit of money in a qualifying account, to obtain chances to win prizes. A lower interest rate on a qualifying account shall not be deemed to have provided such consideration. Fees on a qualifying account shall not be deemed as consideration if similar to those charged on nonqualifying accounts. Each entry must have an equal chance of being drawn, and participants shall not be required to be present to win.

Section 9 repeals a subdivision replaced in section 7.

 

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