Bill Text: MI HB5251 | 2015-2016 | 98th Legislature | Chaptered
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-Chaptered.html
Act No. 162
Public Acts of 2016
Approved by the Governor
June 8, 2016
Filed with the Secretary of State
June 9, 2016
EFFECTIVE DATE: September 7, 2016
STATE OF MICHIGAN
98TH LEGISLATURE
REGULAR SESSION OF 2016
Introduced by Reps. Iden and Love
ENROLLED HOUSE BILL No. 5251
AN ACT to amend 1999 PA 276, entitled “An act to revise and codify the laws relating to banks, out-of-state banks, and foreign banks; to provide for their regulation and supervision; to prescribe the powers and duties of banks; to prescribe the powers and duties of certain state agencies and officials; to prescribe penalties; and to repeal acts and parts of acts,” 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:
(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.
This act is ordered to take immediate effect.
Clerk of the House of Representatives
Secretary of the Senate
Approved
Governor
