NY S05145

Authorizes banking organizations under New York banking law to conduct savings promotion prize giveaways where depositors obtain chances to win prizes by depositing specified amounts into qualifying savings accounts or similar products.

Requires that savings promotions meet specific conditions: interest rates cannot be reduced to account for prize possibilities, fees must be comparable to non-qualifying accounts, each entry must have equal chance of winning, and participants need not be present at drawings.

Exempts savings promotions from consideration in General Business Law and Penal Law gambling/lottery prohibitions, while subjecting them to regulation under General Business Law Section 369-E like other promotions.

Adds savings promotion raffle authority to four categories of banking organizations: banks (Section 96), mutual savings banks (Section 234), savings and loan associations (Section 383), and credit unions (Section 454).

Takes effect immediately upon enactment.