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HI SB2257
Bill
Status
1/20/2012
Primary Sponsor
Glenn Wakai
Click for details
AI Summary
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Authorizes credit unions to offer savings promotion raffles where customers can win designated prizes by depositing a minimum specified amount into a savings account or savings program.
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Requires credit unions offering savings promotion raffles to maintain audit records, conduct raffles in a safe and sound manner, and fully disclose all terms and conditions to account holders and prospective account holders.
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Defines "savings promotion raffle" as a contest where each entry has an equal chance of winning a designated prize, conducted by a state or federally chartered credit union.
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Amends Hawaii's gambling statute to clarify that savings promotion raffles do not constitute gambling or a lottery under state penal code sections 712-1220.
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Takes effect upon approval by the governor.
Legislative Description
Credit Unions; Savings Promotion Raffles
Last Action
(S) The committee(s) on CPN recommend(s) that the measure be HELD. The votes in CPN were as follows: 7 Aye(s): Senator(s) Baker, Taniguchi, Galuteria, Green, Nishihara, Solomon, Slom; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.
2/10/2012