Bill Text: CT SB00372 | 2014 | General Assembly | Introduced

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Bill Title: An Act Expanding Savings Promotion Raffles.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2014-03-07 - Public Hearing 03/11 [SB00372 Detail]

Download: Connecticut-2014-SB00372-Introduced.html

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General Assembly		Raised Bill No. 372
February Session, 2014		LCO No. 1946
		*01946_______BA_*
Referred to Committee on BANKS
Introduced by:
(BA)

AN ACT EXPANDING SAVINGS PROMOTION RAFFLES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 36a-308 of the 2014 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):

(a) For purposes of this section, "savings promotion raffle" means a raffle conducted by a Connecticut credit union, as defined in section 36a-2, or a [community] bank, as defined in said section, [36a-70,] where 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 such Connecticut credit union or [community] bank.

(b) Any Connecticut credit union or [community] bank that has secure financial integrity, as determined by the Banking Commissioner, may conduct a savings promotion raffle, provided the Connecticut credit union or [community] bank (1) conducts the savings promotion raffle in a manner that ensures that each entry has an equal chance of winning the designated prize, and (2) fully discloses the terms and conditions of the savings promotion raffle to each of its share account holders, as defined in section 36a-2, or deposit account holders, and (3) maintains records sufficient to facilitate an audit of such savings promotion raffle. Only a share account holder or an account holder who is eighteen years of age or older may participate in a savings promotion raffle under this section.

(c) The Banking Commissioner may adopt regulations, in accordance with the provisions of chapter 54, to carry out the provisions of this section.

This act shall take effect as follows and shall amend the following sections:
Section 1	from passage	36a-308

Statement of Purpose:

To expand savings promotion raffles to banks, as defined in section 36a-2 of the general statutes.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]