PA 13-96—sHB 5564

Banks Committee

AN ACT ENCOURAGING INCREASED SAVINGS DEPOSITS

SUMMARY: This act allows Connecticut credit unions and community banks to offer savings promotion raffles under specified conditions. The act defines a “savings promotion raffle” as a raffle in which a person deposits a minimum specified amount of money in a savings account or savings program for a chance to win designated prizes. Each entry in the raffle must have an equal chance of winning.

The act requires Connecticut credit unions or community banks offering such a raffle to disclose its terms and conditions to each share account holder or account holder, who must be at least age 18. The institutions must maintain records sufficient to facilitate an audit of any such raffle.

The act limits participation to Connecticut credit unions and community banks that have secure financial integrity, as determined by the banking commissioner. It authorizes the commissioner to adopt implementing regulations.

EFFECTIVE DATE: October 1, 2013

OLR Tracking: MK: ND: TA: RO