MI HB5412

Authorizes banks to conduct savings promotion raffles if approved by the board of directors, provided each entry has an equal chance of being drawn.

Prohibits banks from conducting raffles in ways that jeopardize safety and soundness, mislead customers, or violate federal law.

Requires banks to maintain examination records for any savings promotion raffle they conduct.

Defines "savings promotion raffle" as a raffle where the sole entry consideration is depositing at least a specified amount into a savings account or savings program offered by the bank.

Became effective December 29, 2014.