(a) As used in this Section, “savings promotion raffle” has the same meaning as that term is given in Section 20 of the Federal Deposit Insurance Act (12 U.S.C. 1829a).
     (b) If authorized by its board of directors, a State bank may conduct a savings promotion raffle. The savings promotion raffle shall be conducted so that each token or ticket representing an entry in the savings promotion raffle has an equal chance of being drawn. A State bank shall not conduct a savings promotion raffle in a manner that jeopardizes the State bank’s safety and soundness or misleads its customers.

Terms Used In Illinois Compiled Statutes 205 ILCS 5/5g

  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

     (c) The Secretary may examine the conduct of a savings promotion raffle and may issue a cease and desist order for a violation of this Section.
     (d) A State bank shall maintain records sufficient to facilitate an audit of the savings promotion raffle.