HF1127 Summary

• Authorizes state and federally chartered banks and credit unions to conduct savings promotion raffles as a business activity, subject to specific regulatory requirements.

• Defines "savings promotion raffle" as a contest where participants obtain chances to win prizes by depositing specified amounts in qualifying savings accounts or similar accounts.

• Establishes conditions for lawful raffles: participants need only deposit money (not additional consideration) to enter, each entry must have equal chance of being drawn, and winners need not be present at drawing.

• Exempts savings promotion raffles from gambling prohibition laws (sections 609.755 and 609.76) and fraudulent advertising laws (section 325F.755).

• Repeals prior statute that defined applicability of gambling definitions, replacing it with new definitions specific to savings promotion raffles that apply to sections 609.75 through 609.762.