NY A04431

Authorizes credit unions and other banking organizations to conduct savings promotion prize giveaways where depositors obtain chances to win prizes by depositing money in qualifying savings accounts.

Requires that participants do not provide consideration to enter, meaning interest rates on qualifying accounts cannot be reduced and fees must be comparable to non-qualifying accounts offered by the same organization.

Mandates that each entry has an equal chance of being drawn and participants do not need to be present at the prize drawing to win.

Exempts savings promotions from being deemed gambling or lotteries under New York's General Business Law and Penal Law, while subjecting them to General Business Law section 369-E promotion regulations.

Amends sections 96, 234, 383, and 454 of the banking law to explicitly authorize savings promotion raffles for various categories of banking organizations, effective immediately upon enactment.