1. (a)

   1. (1) In this section the following words have the meanings indicated.

   2. (2) “Depository institution” means a financial institution that:

      1. (i) Is located in this State or maintains a branch in this State; and
      2. (ii) Is authorized to maintain qualifying accounts.

   3. (3) “Eligible customer” means an individual who:

      1. (i) Maintains a qualifying account at a depository institution;
      2. (ii) Is an adult; and
      3. (iii) Is a resident of this State.

   4. (4) “Qualifying account” means a savings account, share account, or other savings product or program:

      1. (i) Offered by a depository institution;
      2. (ii) Insured by the Federal Deposit Insurance Corporation, the National Credit Union Administration, or a credit union share guaranty corporation that is approved by the Commissioner; and
      3. (iii) Through which eligible customers may obtain chances to win prizes in a savings promotion raffle.

   5. (5) “Savings promotion raffle” means a contest in which:

      1. (i) The sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a qualifying account; and
      2. (ii) Each ticket or entry has an equal chance of being drawn.

2. (b) A depository institution may conduct a savings promotion raffle for the exclusive benefit of eligible customers if:

   1. (1) The depository institution maintains books and records relating to the savings promotion raffle; and

   2. (2) The savings promotion raffle will not:

      1. (i) Harm the depository institution's ability to operate in a safe and sound manner; or
      2. (ii) Mislead the depository institution's customers.

3. (c) Except as preempted by federal law, the Commissioner may:

   1. (1) Examine the conduct of a savings promotion raffle; and
   2. (2) Issue a cease and desist order under § 5-808 of this article for a violation of this section.

Added by Acts 2010, c. 627, § 1, eff. Oct. 1, 2010; Acts 2010, c. 628, § 1, eff. Oct. 1, 2010. Amended by Acts 2012, c. 393, § 1, eff. June 1, 2012; Acts 2015, c. 95, § 1, eff. June 1, 2015.