MI HB5251

Banks may conduct loan promotion raffles and savings promotion raffles if authorized by their board of directors, with each entry having an equal chance of being drawn.

Loan promotion raffles require the sole consideration to be closing on a loan of at least a specified amount, while savings promotion raffles require depositing at least a specified amount in a savings account or savings program.

Banks must not conduct these raffles in a manner that jeopardizes the bank's safety and soundness, misleads customers, or violates federal law.

Banks must maintain records sufficient to facilitate examination of any loan promotion raffle or savings promotion raffle they conduct.

The act becomes effective 90 days after enactment (September 7, 2016) and is contingent upon Senate Bill No. 752 of the 98th Legislature being enacted into law.