CA SB1055

Authorizes banks to sponsor or participate in savings promotions that offer depositors chances to win designated prizes through qualifying deposit accounts.

Authorizes credit unions to sponsor or participate in savings promotions under the same requirements as banks.

Requires that depositors not pay fees or provide consideration to enter; qualifying accounts have comparable terms and fees to non-qualifying accounts; all entries have equal winning chances; and participants need not be present at prize drawings.

Specifies that required minimum deposits in qualifying accounts do not constitute consideration if the interest rate is not reduced compared to comparable non-qualifying accounts.

Declares that savings promotions offered under these provisions are not considered lotteries or raffles under California Penal Code sections 319, 319.3, or 320.5.