NC H628

Eliminates requirement for savings banks and savings and loan associations to publish abstracts of financial condition statements in newspapers; banks still must file annual statements with the Commissioner of Banks by February 1st.

Allows commercial banks, savings and loan associations, and savings banks to conduct savings promotion raffles where depositing a minimum amount in a savings account enters account holders in drawings for prizes.

Raffles must be conducted safely and soundly with records maintained for audit purposes, and terms and conditions must be fully disclosed to account holders and prospective account holders.

Expands North Carolina Banking Commission from 15 to 16 members by adding one member who is licensed under the North Carolina S.A.F.E. Mortgage Licensing Act (Article 19B of Chapter 53), effective March 31, 2021.

Savings promotion raffle provisions become effective December 1, 2019; other provisions effective upon becoming law or on specified dates.