(a) For purposes of this section, “savings promotion raffle” means a raffle conducted by a Connecticut credit union or a Connecticut bank, as such terms are defined in section 36a-2, 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 Connecticut bank.
(b) Any Connecticut credit union or Connecticut bank may conduct a savings promotion raffle, provided the Connecticut credit union or Connecticut bank (1) conducts the savings promotion raffle in a manner that (A) ensures that each entry has an equal chance of winning the designated prize, (B) does not jeopardize the safety and soundness of the Connecticut credit union or Connecticut bank, and (C) complies with applicable consumer protection laws, (2) fully discloses the terms and conditions of the savings promotion raffle to each of its account holders, (3) maintains records sufficient to facilitate an audit of such savings promotion raffle, and (4) submits written notice to the commissioner not less than thirty days prior to conducting the savings promotion raffle. Only 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.
(P.A. 13-96, S. 1; P.A. 14-7, S. 20.)
History: P.A. 14-7 replaced references to community bank with references to Connecticut bank, amended Subsec. (b) to delete reference to secure financial integrity, designate existing provision re equal chance of winning as Subdiv. (1)(A), add Subdiv. (1)(B) re raffle does not jeopardize safety and soundness of credit union or bank, add Subdiv. (1)(C) re compliance with applicable consumer protection laws, add Subdiv. (4) re notice to commissioner prior to conducting raffle, and delete references to share account holder, and made technical and conforming changes, effective May 8, 2014.