March 18, 2014, Introduced by Reps. Jenkins, Yonker, Kelly, Somerville, Franz and Pettalia and referred to the Committee on Financial Services.
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 or misleads its
customers.
(2) Pursuant to his or her supervisory powers under article 2,
the commissioner may examine the conduct of a savings promotion
raffle. The commissioner may issue a cease and desist order for a
violation of this section under article 2.
(3) A bank shall maintain records sufficient to facilitate an
audit of a savings promotion raffle.
(4) 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.