IL HB2700

Authorizes credit unions to conduct savings promotion raffles with board approval, where participation requires depositing a minimum amount in a savings account or savings program.

Requires each raffle entry to have an equal chance of winning and prohibits raffles that jeopardize the credit union's safety and soundness or mislead members.

Empowers the Secretary to examine savings promotion raffles and issue cease and desist orders for violations.

Exempts savings promotion raffles from the Raffles and Poker Runs Act and Criminal Code gambling prohibitions.

Requires credit unions to maintain records sufficient for auditing savings promotion raffles.