Bill Text: MS HB1361 | 2011 | Regular Session | Introduced
Bill Title: Credit unions; authorize to conduct savings promotion raffles.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2011-02-01 - Died In Committee [HB1361 Detail]
Download: Mississippi-2011-HB1361-Introduced.html
MISSISSIPPI LEGISLATURE
2011 Regular Session
To: Banking and Financial Services; Gaming
By: Representative Hines
House Bill 1361
AN ACT TO AMEND SECTION 81-13-11, MISSISSIPPI CODE OF 1972, TO AUTHORIZE CREDIT UNIONS TO CONDUCT SAVINGS PROMOTION RAFFLES; TO DEFINE "SAVINGS PROMOTION RAFFLE" AS A RAFFLE CONDUCTED BY A CREDIT UNION 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 CREDIT UNION; TO PROVIDE THAT THE CREDIT UNION 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; TO PROVIDE THAT A CREDIT UNION SHALL NOT CONDUCT A SAVINGS PROMOTION RAFFLE IN A MANNER THAT JEOPARDIZES THE CREDIT UNION'S SAFETY AND SOUNDNESS OR MISLEADS ITS MEMBERS; TO AUTHORIZE THE COMMISSIONER OF BANKING TO EXAMINE THE CONDUCT OF A SAVINGS PROMOTION RAFFLE, AND TO ISSUE CEASE AND DESIST ORDERS FOR VIOLATIONS OF THIS ACT; TO AMEND SECTIONS 97-33-31 THROUGH 97-33-49, MISSISSIPPI CODE OF 1972, TO EXEMPT SAVINGS PROMOTION RAFFLES CONDUCTED BY CREDIT UNIONS FROM THE CRIMINAL PROHIBITIONS AGAINST LOTTERIES AND RAFFLES; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 81-13-11, Mississippi Code of 1972, is amended as follows:
81-13-11. (1) In addition to the general powers authorized for corporations in Section 79-3-7, a credit union shall have the following specific powers:
(a) It may receive the savings of its members in payment for shares and on deposit and investments by other credit unions on deposit.
(b) It may make loans to members, authorized by the credit committee, and may make loans to other credit unions, committee members and directors, as authorized by the board of directors.
(c) It may invest, through the board of directors, only in accordance with NCUA's rules and regulations, Federal Credit Union Act, and any interpretive rulings issued by the NCUA.
The funds of the credit union shall be used first, however, for loans to members and preference shall be given to the smaller loan if the available funds do not permit all loans to be made that have been approved by the credit committee or loans officers.
(2) (a) If authorized by its board of directors, a credit union may conduct a savings promotion raffle. The credit union 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 credit union shall not conduct a savings promotion raffle in a manner that jeopardizes the credit union's safety and soundness or misleads its members.
(b) Under his or her supervisory powers under Section 81-15-13, the commissioner may examine the conduct of a savings promotion raffle. The commissioner may issue a cease and desist order for a violation of this subsection in the same manner as a cease and desist order would be issued for a bank under Section 81-1-119(2).
(c) A credit union shall maintain records sufficient to facilitate an audit of a savings promotion raffle, as determined by the commissioner.
(d) As used in this subsection, the term "savings promotion raffle" means a raffle conducted by a credit union 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 credit union.
SECTION 2. Section 97-33-31, Mississippi Code of 1972, is amended as follows:
97-33-31. If any person, in order to raise money for himself or another, or for any purpose whatever, * * * publicly or privately puts up a lottery to be drawn or adventured for, he shall, on conviction, be imprisoned in the Penitentiary not exceeding five (5) years. A credit union savings promotion raffle authorized under Section 81-13-11(2) is not a lottery for the purposes of this section.
SECTION 3. Section 97-33-33, Mississippi Code of 1972, is amended as follows:
97-33-33. If any person * * * in any way advertises any lottery whatever, no matter where located, or * * * knowingly has in his possession any posters or other lottery advertisements of any kind except a regularly issued newspaper containing such an advertisement without intent to circulate the same as an advertisement he shall, on conviction, be fined not less than Twenty-five Dollars ($25.00) nor more than One Hundred Dollars ($100.00), or be imprisoned in the county jail not exceeding three (3) months, or both. A credit union savings promotion raffle authorized under Section 81-13-11(2) is not a lottery for the purposes of this section.
SECTION 4. Section 97-33-35, Mississippi Code of 1972, is amended as follows:
97-33-35. If any newspaper published or circulated in this state * * * contains an advertisement of any lottery whatever, or any matter intended to advertise a lottery, no matter where located, the editor or editors, publisher or publishers, and the owner or owners thereof permitting the same, shall be guilty of a misdemeanor, and, on conviction, shall be fined not less than One Hundred Dollars ($100.00) nor more than One Thousand Dollars ($1,000.00), and be imprisoned in the county jail not less than ten (10) days nor more than three (3) months, for each offense. The issuance of each separate daily or weekly edition of the newspaper that * * * contains such an advertisement shall be considered a separate offense. A credit union savings promotion raffle authorized under Section 81-13-11(2) is not a lottery for the purposes of this section.
SECTION 5. Section 97-33-37, Mississippi Code of 1972, is amended as follows:
97-33-37. If any newsdealer or other person * * *, directly or indirectly, sells or offers for sale any newspaper or other publication containing a lottery advertisement, he shall be guilty of a misdemeanor, and upon conviction, shall be fined not less than Ten Dollars ($10.00) or imprisoned not less than ten (10) days or both. A credit union savings promotion raffle authorized under Section 81-13-11(2) is not a lottery for the purposes of this section.
SECTION 6. Section 97-33-39, Mississippi Code of 1972, is amended as follows:
97-33-39. If any person * * * sells, or offers or exposes for sale, any lottery ticket, whether the lottery is in or out of this state, or for or in any other state, territory, district, or country, he shall, on conviction, be fined not less than Twenty-five Dollars ($25.00) nor more than One Hundred Dollars ($100.00), or imprisoned in the county jail not less than ten (10) days nor more than sixty (60) days, or both. A credit union savings promotion raffle authorized under Section 81-13-11(2) is not a lottery for the purposes of this section.
SECTION 7. Section 97-33-41, Mississippi Code of 1972, is amended as follows:
97-33-41. If any person * * * buys in this state any lottery ticket, whether the lottery is in or out of this state, or of or in any other state, territory, district, or country, he shall, on conviction, be fined not less than Five Dollars ($5.00) nor more than Twenty-five Dollars ($25.00), or be imprisoned in the county jail not exceeding ten (10) days, or both. A credit union savings promotion raffle authorized under Section 81-13-11(2) is not a lottery for the purposes of this section.
SECTION 8. Section 97-33-43, Mississippi Code of 1972, is amended as follows:
97-33-43. If any railroad company allows or permits the sale of a lottery ticket of any kind on its cars, or at its depots or depot grounds, or by its employees, no matter where the lottery is located, it shall be guilty of a misdemeanor, and, on conviction, shall be fined not less than Twenty Dollars ($20.00) nor more than One Hundred Dollars ($100.00) for every such ticket so sold. A credit union savings promotion raffle authorized under Section 81-13-11(2) is not a lottery for the purposes of this section.
SECTION 9. Section 97-33-45, Mississippi Code of 1972, is amended as follows:
97-33-45. If the owner or owners of any steamboat allows or permits the sale of a lottery ticket of any kind on his or their boat, or by his or their employees, no matter where the lottery is located, he or they shall be guilty of a misdemeanor, and shall, on conviction, be punished as prescribed in Section 97-33-43.
SECTION 10. Section 97-33-47, Mississippi Code of 1972, is amended as follows:
97-33-47. If any person * * * acts as agent for any lottery or lottery company, no matter where domiciled or located, or if he * * * assumes to so act as agent, or if he receives any money or other thing for any such lottery or lottery company, or delivers to any person any ticket or tickets, prize or prizes, or other thing from such lottery or lottery company, he shall, on conviction, be fined not less than One Hundred Dollars ($100.00), nor more than Five Hundred Dollars ($500.00), and be imprisoned in the county jail not less than three (3) months nor more than six (6) months. A credit union savings promotion raffle authorized under Section 81-13-11(2) is not a lottery for the purposes of this section.
SECTION 11. Section 97-33-49, Mississippi Code of 1972, is amended as follows:
97-33-49. Except as otherwise provided in Section 97-33-51, if any person, in order to raise money for himself or another, * * * publicly or privately puts up or in any way offers any prize or thing to be raffled or played for, he shall, on conviction, be fined not more than Twenty Dollars ($20.00), or be imprisoned not more than one (1) month in the county jail. A credit union savings promotion raffle authorized under Section 81-13-11(2) is not a raffle for the purposes of this section.
SECTION 12. This act shall take effect and be in force from and after July 1, 2011.
