NC S327

Permits banks, credit unions, savings and loan associations, and savings banks to conduct savings promotion raffles where the only requirement to enter is depositing a minimum specified amount into a savings account or savings program.

Requires financial institutions conducting savings promotion raffles to maintain audit records, operate the raffles in a safe and sound manner, and fully disclose all terms and conditions to account holders and prospective customers.

Adds new statutory provisions governing savings promotion raffles for banks (G.S. 53C-6-20), savings and loan associations (G.S. 54B-140), and savings banks (G.S. 54C-180).

Amends existing lottery exemption law (G.S. 14-309.15) to explicitly allow credit unions, savings and loan associations, and savings banks to conduct savings promotion raffles in addition to banks.

Becomes effective upon enactment.