AN ACT RELATIVE TO PERSONAL SAVINGS.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
SECTION 1. Chapter 167D of the General Laws is hereby amended by inserting after section 3 the following section:-
Section 3A. (a) For the purposes of this section, the term “savings promotion raffle” shall mean a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program where each ticket or entry has an equal chance of being drawn and where the contest is subject to regulations that may be promulgated by the appropriate federal regulatory agency, as defined by 12 U.S.C. 5481.
(b) A bank may receive deposits in conjunction with a savings promotion raffle pursuant to the federal American Savings Promotion Act, Public Law 113-251. A savings promotion raffle conducted pursuant to this section shall not be a violation of section 7 of chapter 271.
(c) The commissioner shall promulgate regulations necessary to implement and administer this section.
SECTION 2. Chapter 171 of the General Laws is hereby amended by inserting after section 6A the following section:-
Section 6B. (a) For the purposes of this section, the term “savings promotion raffle” shall mean a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program where each ticket or entry has an equal chance of being drawn and where the contest is subject to regulations that may be promulgated by the appropriate federal regulatory agency, as defined by 12 U.S.C. 5481.
(b) A credit union may receive deposits in conjunction with a savings promotion raffle pursuant to the federal American Savings Promotion Act, Public Law 113-251. A savings promotion raffle conducted pursuant to this section shall not be a violation of section 7 of chapter 271.
(c) The commissioner shall promulgate regulations necessary to implement and administer this section.
Approved, October 14, 2016