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Code · BILL · 113th Congress · H.R. 3374 (Engrossed in House) — To provide for the use of savings promotion raffle products by financial institutions to encourage savings, and for o... · Sec. 3

Sec. 3. Amendment to definitions of lottery

514 words·~2 min read·/bill/113/hr/3374/eh/section-3

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lottery Section 5136B(c) of the Revised Statutes of the United States ( 12 U.S.C. 25a(c) ) is amended— in paragraph (2), by inserting , other than a savings promotion raffle, before whereby ; and by adding at the end the following: The term savings promotion raffle means a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program, where each ticket or entry has an equal chance of being drawn, such contest being subject to regulations that may from time to time be promulgated by the appropriate prudential regulator (as defined in section 1002 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 )). .
Section 9A(c) of the Federal Reserve Act ( 12 U.S.C. 339(c) ) is amended— in paragraph (2), by inserting , other than a savings promotion raffle, before whereby ; and by adding at the end the following: The term savings promotion raffle means a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program, where each ticket or entry has an equal chance of being drawn, such contest being subject to regulations that may from time to time be promulgated by the appropriate prudential regulator (as defined in section 1002 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 )). .
Section 20(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1829a(c) ) is amended— in paragraph (2), by inserting , other than a savings promotion raffle, before whereby ; and by adding at the end the following: The term savings promotion raffle means a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program, where each ticket or entry has an equal chance of being drawn, such contest being subject to regulations that may from time to time be promulgated by the appropriate prudential regulator (as defined in section 1002 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 )). .
Section 4(e)(3) of the Home Owners' Loan Act ( 12 U.S.C. 1463(e)(3) ) is amended— in subparagraph (B), by inserting , other than a savings promotion raffle, after arrangement ; and by adding at the end the following: The term savings promotion raffle means a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program, where each ticket or entry has an equal chance of being drawn, such contest being subject to regulations that may from time to time be promulgated by the appropriate prudential regulator (as defined in section 1002 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 )). .
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Sec. 3
Amendment to definitions of lottery
U.S.C.§ 25a
U.S.C.§ 5481
U.S.C.§ 339
U.S.C.§ 1829a
U.S.C.§ 1463
Cites 5Cited by 0 across 0 sources
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