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Michigan Compiled Laws, Chapter 487. Financial Institutions § 487.14111

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 4111. (1) If authorized by its board of directors, a bank may conduct a loan promotion raffle or savings promotion raffle. The bank shall conduct a loan promotion raffle or savings promotion raffle so that each token or ticket representing an entry in the raffle has an equal chance of being drawn. A bank shall not conduct a loan promotion raffle or savings promotion raffle in a manner that jeopardizes the bank's safety and soundness, misleads its customers, or violates federal law.

(2) A bank shall maintain records sufficient to facilitate an examination of a loan promotion raffle or savings promotion raffle.

(3) As used in this section:

(a) “Loan promotion raffle” means a raffle conducted by a bank where the sole consideration required for a chance of winning designated prizes is the closing on a loan with the bank of at least a specified amount.

(b) “Savings promotion raffle” means a raffle conducted by a bank where the sole consideration required for a chance of winning designated prizes is the deposit of at least a specified amount of money in a savings account or other savings program offered by the bank.

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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 487. Financial Institutions § 487.14111 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-487-financial-institutions/mi-comp-laws-487-14111/

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