§ 23-47-209 — Savings promotion raffle - Definitions

Arkansas § 23-47-209

• Jurisdiction: Arkansas
• Title: 23

Text

(a) As used in this section: (1) (A) "Financial institution" means a banking institution that may accept deposits from depositors under any state or federal law, the accounts of which are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration, and is a state or federally regulated institution. (B) "Financial institution" includes without limitation: (i) A state bank regulated by the State Bank Department or similar state regulator in the domicile of the state bank; (ii) A national bank or association; (iii) A state or federal savings and loan association; (iv) A mutual savings bank; (v) A state or federal credit union; and (vi) A community or rural development bank; (2) "Savings promotion deposit" means the specified amount of moneys required by a depositor to be deposited into a savings account to be entered in a savings promotion raffle; and (3) "Savings promotion raffle" means a raffle conducted by a financial institution in which the sole consideration required for a chance of winning designated prizes is the deposit of at least a specified amount of moneys into a savings account or other savings program offered by the financial institution. (b) A financial institution may conduct a savings promotion raffle for depositors who make a savings promotion deposit into a savings account of the financial institution. (c) A savings promotion raffle shall be conducted so that each savings promotion deposit provides a depositor with an equal chance of winning a prize as designated by the financial institution.

Legislative History

Added by Act 2015, No. 589,§ 2, eff. 7/22/2015.