Bill Text: MI HB5251 | 2015-2016 | 98th Legislature | Engrossed
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-Engrossed.html
HB-5251, As Passed Senate, May 18, 2016
SENATE SUBSTITUTE FOR
HOUSE BILL NO. 5251
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 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: , "savings
(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 Senate Bill No. 752 of the 98th Legislature is enacted into
law.
