House Bill 61 Summary

• Authorizes credit unions to conduct savings promotion raffles if approved by the board of directors, where participants deposit a specified amount in a savings account to enter.

• Requires raffles to be conducted so each entry ticket has an equal chance of being drawn and prohibits raffles that jeopardize the credit union's safety and soundness or mislead members.

• Grants the Banking Commissioner authority to examine raffle conduct and issue cease and desist orders for violations, with credit unions required to maintain audit records.

• Exempts credit union savings promotion raffles from criminal prohibitions against lotteries and raffles under Mississippi Code Sections 97-33-31 through 97-33-49.

• Effective date: July 1, 2012.