MN SF1043

Banks are authorized to conduct savings promotion raffles under specified conditions as part of their banking powers, with requirements set forth in section 609.761, subdivision 6.

Credit unions are authorized to conduct savings promotion raffles in the manner and subject to requirements set forth in section 609.761, subdivision 6.

Savings promotion raffles are defined as contests where chances to win prizes are obtained by depositing specified amounts of money in qualifying savings accounts, share accounts, or certificates offered by state or federally chartered credit unions or banks.

Participants must only provide consideration through depositing money in qualifying accounts; lower interest rates or comparable fees on qualifying accounts do not constitute additional consideration.

Each raffle entry must have equal chance of being drawn, and participants are not required to be present at prize drawings to win.