MI HB5022

Authorizes domestic credit unions to conduct savings promotion raffles with board approval, where membership deposits in savings accounts serve as the sole consideration for raffle entry.

Authorizes domestic credit unions to conduct loan promotion raffles with board approval, where closing on a loan of at least a specified amount serves as the sole consideration for raffle entry.

Requires equal chance of winning for each raffle ticket or token and prohibits raffles that jeopardize the credit union's safety and soundness or mislead members.

Grants the director supervisory power to examine raffles and issue cease and desist orders for violations, and requires credit unions maintain audit records for both raffle types.

Effective September 7, 2016, contingent on concurrent enactment of House Bills 5017, 5018, 5019, 5020, and 5021.