CT SB00358

Permits Connecticut credit unions and community banks with secure financial integrity to conduct savings promotion raffles effective October 1, 2012.

Defines a savings promotion raffle as a raffle where the sole consideration for entry is depositing a minimum specified amount into a savings account or savings program offered by the credit union or community bank.

Requires conducting institutions to ensure each entry has an equal chance of winning, fully disclose all terms and conditions to share account holders, and maintain audit records.

Authorizes the Banking Commissioner to adopt regulations to implement the provisions of this act.