GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2011

H                                                                                                                                                    1

HOUSE BILL 583*

 

 

Short Title:        Allow Savings Promotion Raffles.		(Public)
Sponsors:	Representatives Sager, Shepard, and Fisher (Primary Sponsors). For a complete list of Sponsors, see Bill Information on the NCGA Web Site.
Referred to:	Banking.

April 5, 2011

A BILL TO BE ENTITLED

AN ACT to allow credit unions to conduct savings promotion raffles.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 14‑309.15 is amended by adding a new subsection to read:

"(h)       Notwithstanding any other subsection of this section, it is lawful for a credit union to conduct a savings promotion raffle under G.S. 54‑109.64."

SECTION 2.  Article 14F of Chapter 54 of the General Statutes is amended by adding a new section to read:

"§ 54‑109.64.  Savings promotion raffles.

A credit union may offer a savings promotion raffle in which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program offered by the credit union. A credit union shall maintain records sufficient to facilitate an audit of the savings promotion raffle, shall conduct the savings promotion raffle in a safe and sound manner, and shall fully disclose the terms and conditions of the promotion to account holders and prospective account holders of the credit union."

SECTION 3.  This act becomes effective October 1, 2011.