Bill Summary for S 327 (2015-2016)

Summary date: 

Mar 18 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 327 (Public) Filed Wednesday, March 18, 2015
AN ACT TO ALLOW BANKS TO CONDUCT SAVINGS PROMOTION RAFFLES.
Intro. by Gunn, Ford.

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Bill summary

Amends GS 14-309.15 to also allow banks, savings and loan associations, and savings banks to conduct savings promotion raffles pursuant to the specified statutes.

Enacts the following new sections concerning savings promotion raffles for the specified financial entities: GS 53C-6-20 (banks), GS 54B-140 (savings and loan associations), and GS 54C-180 (savings banks), providing that banks, savings and loan associations, and savings banks can offer savings promotion raffles wherein the sole consideration required for a chance to win the designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program. Requires the respective entities to maintain sufficient records to facilitate an audit of the promotion, conduct the raffle in a safe and sound manner, and fully disclose all terms and conditions of the promotion to account holders and prospective account holders.

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