AR HB1642

Creates the Arkansas Savings Promotion Act authorizing financial institutions to conduct savings promotion raffles for depositors in Arkansas.

Defines "financial institution" to include state banks, national banks, savings and loan associations, mutual savings banks, credit unions, and community or rural development banks with FDIC or National Credit Union Administration insurance.

Permits financial institutions to conduct savings promotion raffles where depositors make a specified savings promotion deposit into a savings account to enter and receive an equal chance of winning designated prizes.

Requires savings promotion raffles to be conducted so that each savings promotion deposit provides equal probability of winning prizes as designated by the financial institution.

Approved on 03/20/2015.