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Code · North Carolina · Chapter 54 — Cooperative Organizations

§ 54-109.64. Savings promotion raffles.

103 words·~1 min read·/nc/chapter-54/54-109-64

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§ 54-109.64. Savings promotion raffles.
A credit union may offer a savings promotion raffle in which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program offered by the credit union. A credit union shall maintain records sufficient to facilitate an audit of the savings promotion raffle, shall conduct the savings promotion raffle in a safe and sound manner, and shall fully disclose the terms and conditions of the promotion to account holders and prospective account holders of the credit union. (2011­146, s. 2.)
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