1. (a)

   1. (1) The sheriff may not issue to a single organization in 1 calendar year more than 12 raffle licenses, no more than one of which may be for a raffle with a money prize exceeding $1,000.
   2. (2) All raffle drawings shall be conducted in 1 calendar day.
   3. (3) A raffle license is valid until all raffles are drawn.
   4. (4) A raffle license shall state the day for the drawing or drawings.

2. (b) A money prize for a raffle may not exceed:

   1. (1) $10,000 if the sponsoring organization has not held a raffle for a money prize exceeding $1,000 in the current calendar year; or
   2. (2) $1,000 if the sponsoring organization has held a raffle for a money prize exceeding $1,000 in the current calendar year.

3. (c) An organization that intends to conduct a raffle for a money prize exceeding $1,000 shall:

   1. (1) post a bond in the amount of the money prize; or
   2. (2) obtain an irrevocable letter of credit from a bank in the amount of the money prize.

Added by Acts 2002, c. 26, § 2, eff. Oct. 1, 2002.

Formerly Art. 27, § 254.