Bill Text: MI HB5412 | 2013-2014 | 97th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Financial institutions; banks; savings promotion raffles by state banks; allow. Amends 1999 PA 276 (MCL 487.11101 - 487.15105) by adding sec. 4111.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Passed) 2014-12-30 - Assigned Pa 399'14 With Immediate Effect [HB5412 Detail]

Download: Michigan-2013-HB5412-Engrossed.html

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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.