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NY A10487

Bill

Official Source

Status

Introduced

5/29/2012

Primary Sponsor

Andrew Raia

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Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Adds new section 456-a to Banking Law authorizing credit unions to offer savings promotion prize giveaways where the sole consideration for entry is depositing a minimum specified amount in a savings account or savings program
  • Requires credit unions to maintain records sufficient for audit by the superintendent, conduct giveaways in a non-misleading and safe manner, and fully disclose all terms and conditions to account holders and prospective account holders
  • Mandates that each entry token or ticket has an equal chance of being drawn in the giveaway
  • Takes effect immediately upon enactment

Legislative Description

Authorizes credit unions to conduct savings promotion prize giveaways.

Last Action

referred to banks

5/29/2012

Committee Referrals

Banks5/29/2012

Full Bill Text

No bill text available