MS HB1361

Authorizes credit unions to conduct savings promotion raffles if approved by the board of directors, where the sole consideration for entry is depositing a specified amount into a savings account or program.

Requires each raffle entry token or ticket to have an equal chance of being drawn and prohibits raffles that jeopardize the credit union's safety, soundness, or mislead members.

Grants the Commissioner of Banking authority to examine savings promotion raffles and issue cease and desist orders for violations, with credit unions required to maintain audit records.

Exempts credit union savings promotion raffles from all criminal prohibitions against lotteries and raffles in Mississippi Code sections 97-33-31 through 97-33-49.

Takes effect July 1, 2011.