Michigan Laws 487.14111 – Loan promotion raffle or savings promotion raffle
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Terms Used In Michigan Laws 487.14111
- Bank: means a state banking corporation that is organized or reorganized under this act or organized under any law of this state enacted before March 1, 2000, including a state banking corporation that voluntarily limits its activities. See Michigan Laws 487.11201
(1) If authorized by its board of directors, a bank may conduct a loan promotion raffle or savings promotion raffle. The bank shall conduct a loan promotion raffle or 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 loan promotion raffle or 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 loan promotion raffle or savings promotion raffle.
(3) As used in this section:
(a) “Loan promotion raffle” means a raffle conducted by a bank where the sole consideration required for a chance of winning designated prizes is the closing on a loan with the bank of at least a specified amount.
(b) “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.