Illinois Statutes
§ 7008 — Savings promotion raffle
Illinois·Topic REGULATION·Ch. 205 FINANCIAL REGULATION·Act 205 ILCS 205/ Savings Bank Act.·Art. Article 7 - Deposit Accounts
(a)As used in this Section, "savings promotion raffle" has the same meaning as that term is given in Section 4 of the Home Owners' Loan Act (12 U.S.C. 1463).
(b)If authorized by its board of directors, a savings bank may conduct a savings promotion raffle. The savings promotion raffle shall be conducted so that each token or ticket representing an entry in the savings promotion raffle has an equal chance of being drawn. A savings bank shall not conduct a savings promotion raffle in a manner that jeopardizes the savings bank's safety and soundness or misleads its customers.
(c)The Secretary may examine the conduct of a savings promotion raffle and may issue a cease and desist order for a violation of this Section.
(d)A savings bank shall maintain records sufficient to facilitate an audi
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Related
§ 1463
12 U.S.C. § 1463
Legislative History
(Source: P.A. 99-149, eff. 1-1-16 .)