HB-5412, As Passed House, September 24, 2014

SUBSTITUTE FOR

HOUSE BILL NO. 5412

     A bill to amend 1999 PA 276, entitled

"Banking code of 1999,"

(MCL 487.11101 to 487.15105) by adding section 4111.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 4111. (1) If authorized by its board of directors, a bank

may conduct a savings promotion raffle. The bank shall conduct a

savings promotion raffle so that each token or ticket representing

an entry in the raffle has an equal chance of being drawn. A bank

shall not conduct a savings promotion raffle in a manner that

jeopardizes the bank's safety and soundness, misleads its

customers, or violates federal law.

     (2) A bank shall maintain records sufficient to facilitate an

examination of a savings promotion raffle.

     (3) As used in this section, "savings promotion raffle" means

a raffle conducted by a bank where the sole consideration required

for a chance of winning designated prizes is the deposit of at

least a specified amount of money in a savings account or other

savings program offered by the bank.