Michigan § 487.14111 - Loan promotion raffle or savings promotion raffle.
Full text of Michigan Michigan Compiled Laws § 487.14111 — Loan promotion raffle or savings promotion raffle., with citation guidance and answers to common questions.
§ 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.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.14111
What does Michigan Compiled Laws § 487.14111 cover?
Section 487.14111 ("Loan promotion raffle or savings promotion raffle.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 487.14111?
A common citation format is "Michigan Compiled Laws § 487.14111" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 487.14111 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.