HB-5412, As Passed Senate, December 15, 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.