MI SB0751

Authorizes banks with board approval to conduct loan promotion raffles where closing a loan of at least a specified amount is the sole consideration for entry.

Authorizes banks with board approval to conduct savings promotion raffles where depositing at least a specified amount in a savings account is the sole consideration for entry.

Requires each raffle entry token or ticket to have equal chance of being drawn and prohibits raffles that jeopardize the bank's safety and soundness, mislead customers, or violate federal law.

Requires banks to maintain records sufficient for examination of the raffles.

Takes effect 90 days after enactment, contingent on Senate Bill 752 of the 98th Legislature being enacted into law.