House committee substitute to the 1st edition makes the following changes. Amends GS 14-309.15(g) (pertaining to real property offered as raffle prizes) to specify that any nonprofit organization offering real property as a prize in a raffle must provide the property free from all liens, provide an owner affidavit and indemnity agreement, and provide a title commitment for the property and must make that commitment available for inspection upon request.
Bill Summaries: H374 RAFFLES/INCREASE REAL ESTATE PRIZE LIMIT.
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Bill H 374 (2023-2024)Summary date: Apr 5 2023 - View Summary
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Bill H 374 (2023-2024)Summary date: Mar 14 2023 - View Summary
Amends GS 14-309.15 (pertaining to when real property is offered as a prize in a raffle) to increase the total allowable appraised value of all real estate prizes offered by any nonprofit organization for raffle from $500,000 to $2 million in a calendar year. Deletes provision limiting the value of any real property prize offered for any one raffle to $500,000. Applies to raffles conducted on or after the act becomes law.