Section 487.14111 - Loan promotion raffle or savings promotion raffle(1) If authorized by its board of directors, a bank may conduct a loan promotion raffle or savings promotion raffle. The bank shall conduct a loan promotion raffle or savings promotion raffle so that each token or ticket representing an entry in the raffle has an equal chance of being drawn. A bank shall not conduct a loan promotion raffle or savings promotion raffle in a manner that jeopardizes the bank's safety and soundness, misleads its customers, or violates federal law.(2) A bank shall maintain records sufficient to facilitate an examination of a loan promotion raffle or savings promotion raffle.(3) As used in this section:(a) "Loan promotion raffle" means a raffle conducted by a bank where the sole consideration required for a chance of winning designated prizes is the closing on a loan with the bank of at least a specified amount.(b) "Savings promotion raffle" means a raffle conducted by a bank where the sole consideration required for a chance of winning designated prizes is the deposit of at least a specified amount of money in a savings account or other savings program offered by the bank.Amended by 2016, Act 162,s 1, eff. 9/7/2016.Added by 2014, Act 399,s 1, eff. 12/29/2014.