§ 1-211
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/md/financial-institutions/1-211A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§1–211.
(1)In this section the following words have the meanings indicated.
(2)“Depository institution” means a financial institution that:
(i)Is located in this State or maintains a branch in this State; and
(ii)Is authorized to maintain qualifying accounts.
(3)“Eligible customer” means an individual who:
(i)Maintains a qualifying account at a depository institution;
(ii)Is an adult; and
(iii)Is a resident of this State.
(4)“Qualifying account” means a savings account, share account, or other savings product or program:
(i)Offered by a depository institution;
(ii)Insured by the Federal Deposit Insurance Corporation, the National Credit Union Administration, or a credit union share guaranty corporation that is approved by the Commissioner; and
(iii)Through which eligible customers may obtain chances to win prizes in a savings promotion raffle.
(5)“Savings promotion raffle” means a contest in which:
(i)The sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a qualifying account; and
(ii)Each ticket or entry has an equal chance of being drawn.
(b)A depository institution may conduct a savings promotion raffle for the exclusive benefit of eligible customers if:
(1)The depository institution maintains books and records relating to the savings promotion raffle; and
(2)The savings promotion raffle will not:
(i)Harm the depository institution’s ability to operate in a safe and sound manner; or
(ii)Mislead the depository institution’s customers.
(c)Except as preempted by federal law, the Commissioner may:
(1)Examine the conduct of a savings promotion raffle; and
(2)Issue a cease and desist order under § 5–808 of this article for a violation of this section.