NC H583

Allow credit unions to conduct savings promotion raffles where the sole consideration for entry is depositing a minimum specified amount into a savings account or savings program offered by the credit union.

Require credit unions conducting savings promotion raffles to maintain records sufficient for audit purposes, conduct raffles in a safe and sound manner, and fully disclose all terms and conditions to account holders and prospective account holders.

Amend G.S. 14-309.15 to create an exemption allowing credit unions to conduct savings promotion raffles notwithstanding other provisions of that statute.

Add new section G.S. 54-109.64 to establish the legal framework for savings promotion raffles by credit unions.

Effective date: October 1, 2011.