(1) If approved by its board of directors, a financial institution may conduct a promotional contest of chance as permitted under RCW 9.46.0356(1)(b).
(2) A financial institution must not conduct a savings promotional contest of chance, if, in the opinion of the director:
(a) It is likely to or does adversely affect the financial institution's safety and soundness;
(b) It is administered in an unsafe and unsound or imprudent manner, or in a manner that is likely to or does result in actual or potential reputational harm to the financial institution; or
(c) It is likely to or has misled the financial institution's members, depositors, or the general public.
(3) The director may examine the conduct of a promotional contest of chance pursuant to his or her supervisory and examination powers under:
(a) *Title 30 RCW, in regard to a bank;
(b) Title 32 RCW, in regard to a mutual or stock savings bank; or
(c) Chapter 31.12 RCW, in regard to a state credit union.
(4) The director may exercise his or her full enforcement powers under the titles and chapter in subsection (3) of this section and may issue a cease and desist order for a violation of this section.
(5) A financial institution must maintain records sufficient to facilitate an audit of a promotional contest of chance, and must provide those records to the director upon request.
[ 2011 c 303 § 5. Formerly RCW 30.22.260.]
NOTES:
*Reviser's note: Title 30 RCW was recodified and/or repealed pursuant to chapter 37, Laws of 2014, effective January 5, 2015.
Findings—Intent—2011 c 303: See note following RCW 9.46.0356.