NY A07341

Authorizes banking organizations in New York to conduct savings promotion prize giveaways where depositors obtain chances to win prizes by depositing money in qualifying savings accounts, share accounts, share certificates, or other savings products.

Requires that participants not be charged consideration to obtain entries, that interest rates on qualifying accounts not be reduced to account for prize possibilities, and that fees be comparable to non-qualifying accounts.

Mandates each entry in a savings promotion has an equal chance of being drawn and participants need not be present at the drawing to win.

Subjects savings promotions to General Business Law Section 369-E and exempts them from being deemed gambling or a lottery under state law.

Grants savings promotion authority to banking institutions including those regulated under Sections 96, 234, 383, and 454 of the banking law, effective immediately upon enactment.