Section 280.002 - [See Note] Definitions In this chapter:
(1) "Credit union" means: (A) a credit union as defined by Section 121.002; or(B) a federal credit union doing business in this state.(2) "Deposit," with respect to a financial institution, has the meaning assigned by Section 31.002.(3) "Finance commission" means the Finance Commission of Texas.(4) "Financial institution" has the meaning assigned by Section 31.002.(5) "Savings promotion raffle" means a raffle conducted by a credit union or financial institution in which the sole action required for a chance of winning a designated prize is the deposit of at least a specified amount of money in a savings account or other savings program offered by the credit union or financial institution.Added by Acts 2017, Texas Acts of the 85th Leg. - Regular Session, ch. 978,Sec. 3, eff. on the date the constitutional amendment proposed by the 85th Legislature, Regular Session, 2017, relating to legislative authority to permit credit unions and other financial institutions to award prizes by lot to promote savings is approved by the voters.