(a)(1) In this section the following words have the meanings indicated.
(2) “Depository institution” means a financial institution that:
(i) Is located in this State or maintains a branch in this State; and
(ii) Is authorized to maintain qualifying accounts.
(3) “Eligible customer” means an individual who:
(i) Maintains a qualifying account at a depository institution;
(ii) Is an adult; and
(iii) Is a resident of this State.
(4) “Qualifying account” means a savings account, share account, or other savings product or program:
(i) Offered by a depository institution;
(ii) Insured by the Federal Deposit Insurance Corporation, the National Credit Union Administration, or a credit union share guaranty corporation that is approved by the Commissioner; and
(iii) Through which eligible customers may obtain chances to win prizes in a savings promotion raffle.
(5) “Savings promotion raffle” means a contest in which:
(i) The sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a qualifying account; and
(ii) Each ticket or entry has an equal chance of being drawn.
Requirements of savings promotion raffle
(b) A depository institution may conduct a savings promotion raffle for the exclusive benefit of eligible customers if:
(1) The depository institution maintains books and records relating to the savings promotion raffle; and
(2) The savings promotion raffle will not:
(i) Harm the depository institution's ability to operate in a safe and sound manner; or
(ii) Mislead the depository institution's customers.
Powers of Commissioner
(c) Except as preempted by federal law, the Commissioner may:
(1) Examine the conduct of a savings promotion raffle; and
(2) Issue a cease and desist order under § 5-808 of this article for a violation of this section.
Credits
Added by Acts 2010, c. 627, § 1, eff. Oct. 1, 2010; Acts 2010, c. 628, § 1, eff. Oct. 1, 2010. Amended by Acts 2012, c. 393, § 1, eff. June 1, 2012; Acts 2015, c. 95, § 1, eff. June 1, 2015.
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
