Michigan § 490.411 - Savings promotion raffle; loan promotion raffle; definitions.
Full text of Michigan Michigan Compiled Laws § 490.411 — Savings promotion raffle; loan promotion raffle; definitions., with citation guidance and answers to common questions.
§ 490.411. Savings promotion raffle; loan promotion raffle; definitions.
(1) If authorized by the credit union board, a domestic credit union may conduct a savings promotion raffle. All of the following apply to a savings promotion raffle conducted under this subsection:
(a) The domestic credit union shall conduct a savings promotion raffle so that each token or ticket representing an entry in the raffle has an equal chance of being drawn. A domestic credit union shall not conduct a savings promotion raffle in a manner that jeopardizes the domestic credit union's safety and soundness or misleads its members.
(b) Pursuant to his or her supervisory powers under article 2, the director may examine the conduct of a savings promotion raffle. The director may issue a cease and desist order for a violation of this subsection under article 2.
(c) A domestic credit union shall maintain records sufficient to facilitate an audit of a savings promotion raffle.
(2) If authorized by the credit union board, a domestic credit union may conduct a loan promotion raffle. All of the following apply to a loan promotion raffle conducted under this subsection:
(a) The domestic credit union shall conduct a loan promotion raffle so that each token or ticket representing an entry in the raffle has an equal chance of being drawn. A domestic credit union shall not conduct a loan promotion raffle in a manner that jeopardizes the domestic credit union's safety and soundness or misleads its members.
(b) Pursuant to his or her supervisory powers under article 2, the director may examine the conduct of a loan promotion raffle. The director may issue a cease and desist order for a violation of this subsection under article 2.
(c) A domestic credit union shall maintain records sufficient to facilitate an audit of a savings promotion raffle.
(3) As used in this section:
(a) "Loan promotion raffle" means a raffle conducted by a domestic credit union where the sole consideration required for a chance of winning designated prizes is the closing on a loan with the domestic credit union of at least a specified amount.
(b) "Savings promotion raffle" means a raffle conducted by a domestic credit union 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 domestic credit union.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 490.411
What does Michigan Compiled Laws § 490.411 cover?
Section 490.411 ("Savings promotion raffle; loan promotion raffle; definitions.") 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 § 490.411?
A common citation format is "Michigan Compiled Laws § 490.411" (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 § 490.411 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.