Texas § FI.280.004 - SAVINGS PROMOTION RAFFLE BY FINANCIAL INSTITUTION

§ FI.280.004. SAVINGS PROMOTION RAFFLE BY FINANCIAL INSTITUTION

SAVINGS PROMOTION RAFFLE BY FINANCIAL INSTITUTION. (a) A financial institution may conduct a savings promotion raffle if: (1) each ticket or token representing an entry in the raffle has an equal probability of being drawn; and (2) the raffle is conducted in a manner that: (A) does not jeopardize the ability of the financial institution to operate in a safe and sound manner; and (B) does not mislead the institution's depositors. (b) A financial institution may not require consideration for participation in a savings promotion raffle. A deposit of an amount of money in a savings account or other savings program that results in an entry in a savings promotion raffle is not consideration. (c) A financial institution may not require a person to pay a premium or fee for opening or using a savings account or other savings program that is subject to a savings promotion raffle, unless the premium or fee is commensurate with the premium or fee that the financial institution charges for opening or using comparable savings accounts or savings programs that are not subject to a savings promotion raffle. (d) A financial institution may not limit the withdrawal of money from a savings account or other savings program that is subject to a savings promotion raffle, unless the withdrawal limits are commensurate with the withdrawal limits that the financial institution imposes on comparable savings accounts or savings programs that are not subject to a savings promotion raffle. This subsection does not prohibit a financial institution from requiring a deposit of an amount of money to remain in a savings account or other savings program for a certain period of time in order for the deposit to represent an entry in a savings promotion raffle. (e) A financial institution shall pay interest or dividends on a savings account or other savings program that is subject to a savings promotion raffle at a rate that is commensurate with the interest or dividend rate that the financial institution pays on comparable savings accounts or savings programs that are not subject to a savings promotion raffle. (f) A financial institution that conducts a savings promotion raffle under this section shall maintain all records that the finance commission determines are necessary for the financial regulatory agency of this state having regulatory jurisdiction over that financial institution to examine the raffle. (g) The provisions of this section applicable to a financial institution apply to an organization composed exclusively of financial institutions. (h) The finance commission shall adopt rules and procedures for the administration of this section. Added by Acts 2017, 85th Leg., R.S., Ch. 978 (H.B. 471 ), Sec. 3, eff. November 7, 2017.