Sec. 5g. Savings promotion raffle.

148 words·~1 min read·/il/chapter-205/act-5/5g

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)As used in this Section, "savings promotion raffle" has the same meaning as that term is given in Section 20 of the Federal Deposit Insurance Act (12 U.S.C. 1829a).

(b)If authorized by its board of directors, a State bank may conduct a savings promotion raffle. The savings promotion raffle shall be conducted so that each token or ticket representing an entry in the savings promotion raffle has an equal chance of being drawn. A State bank shall not conduct a savings promotion raffle in a manner that jeopardizes the State bank's safety and soundness or misleads its customers.

(c)The Secretary may examine the conduct of a savings promotion raffle and may issue a cease and desist order for a violation of this Section.

(d)A State bank shall maintain records sufficient to facilitate an audit of the savings promotion raffle.