IL HB2477

Authorizes state banks, savings banks, and credit unions to conduct savings promotion raffles if approved by their board of directors, with raffles conducted so each entry has an equal chance of winning and without jeopardizing the institution's safety or soundness.

Requires financial institutions conducting savings promotion raffles to maintain audit records and allows the Secretary to examine the raffles and issue cease and desist orders for violations.

Exempts savings promotion raffles from state gambling and lottery laws by excluding them from the definition of "raffle" and "lottery" in the Raffles and Poker Runs Act and Criminal Code of 2012.

Modifies the Illinois Credit Union Act to allow credit unions to provide additional correspondent services including implementation and administrative support for debit cards, payroll debit cards, and prepaid cards.

Updates credit union real estate lending provisions to clarify appraisal requirements for loan renewals and restructurings, allowing the Department to require appraisals when necessary for safety and soundness concerns.