Bill Text: MI HB5251 | 2015-2016 | 98th Legislature | Introduced
Bill Title: Financial institutions; banks; loan promotion raffles; authorize for state banks. Amends sec. 4111 of 1999 PA 276 (MCL 487.14111). TIE BAR WITH: SB 0752'16
Spectrum: Bipartisan Bill
Status: (Passed) 2016-06-09 - Assigned Pa 162'16 With Immediate Effect [HB5251 Detail]
Download: Michigan-2015-HB5251-Introduced.html
HOUSE BILL No. 5251
January 26, 2016, Introduced by Reps. Iden and Love and referred to the Committee on Financial Services.
A bill to amend 1999 PA 276, entitled
"Banking code of 1999,"
by amending section 4111 (MCL 487.14111), as added by 2014 PA 399.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 4111. (1) If authorized by its board of directors, a bank
may conduct a savings promotion raffle. All of the following apply
to a savings promotion raffle conducted under this subsection:
(a) The bank shall conduct a 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 savings
promotion raffle in a manner that jeopardizes the bank's safety and
soundness, misleads its customers, or violates federal law.
(b) (2)
A bank shall maintain records
sufficient to facilitate
an examination of a savings promotion raffle.
(2) If authorized by its board of directors, a bank may
conduct a loan promotion raffle. All of the following apply to a
loan promotion raffle conducted under this subsection:
(a) The bank shall conduct a loan 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 in a manner that jeopardizes the bank's safety and
soundness or misleads its customers.
(b) A bank shall maintain records sufficient to facilitate an
examination of a loan promotion raffle.
(3)
As used in this section, "savings 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.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.
Enacting section 2. This amendatory act does not take effect
unless all of the following bills of the 98th Legislature are
enacted into law:
(a) House Bill No. 5022.
(b) House Bill No. 5147.
