CT HB05564

Authorizes Connecticut credit unions and community banks with secure financial integrity to conduct savings promotion raffles, effective October 1, 2013.

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 participating institutions to ensure equal chances of winning for all entries, fully disclose raffle terms and conditions to account holders, and maintain audit-ready records.

Restricts raffle participation to account holders who are 18 years of age or older.

Grants the Banking Commissioner authority to adopt regulations to implement the provisions of this section.