Chapter 222
010 -- S 2399 SUBSTITUTE A AS
AMENDED
Enacted 06/25/10
A N A C T
RELATING TO
FINANCIAL INSTITUTIONS - CREDIT UNIONS
Introduced By: Senators Pichardo, Goodwin, Gallo, Perry, and Miller
Date Introduced: February 11, 2010
It is enacted by the
General Assembly as follows:
SECTION 1. Chapter 19-5 of the General Laws entitled
"Credit Unions" is hereby
amended by adding thereto the following section:
19-5-29.
Savings promotion raffle. – (a) If authorized by
the credit union board of
directors, a credit union registered to do business in the
State of
savings promotion raffle. The 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 credit
union shall not conduct a savings promotion raffle in a
manner that jeopardizes the credit union's
safety and financial soundness or misleads its members.
(b) Pursuant to his
or her supervisory powers the director of state lotteries shall examine
the conduct of a savings promotion raffle. The director
may issue a cease and desist order for a
violation of this section.
(c) A credit union
shall maintain records sufficient to facilitate an audit of a savings
promotion raffle.
(d) As used in this
section, "savings promotion raffle" means a raffle conducted by a
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 credit union.
SECTION 2. Chapter 42-61 of the General Laws entitled
"State Lottery" is hereby
amended by adding thereto the following section:
42-61-18. Credit
union savings lottery authorized. -- Credit unions organized
pursuant
to chapter 19-5 of the general laws are hereby
authorized to conduct lotteries in accordance with
section 19-5-29 of the general laws.
SECTION 3. Section 11-19-1.1 of the General Laws in Chapter
11-19 entitled "Gambling
and Lotteries" is hereby amended to read as follows:
11-19-1.1.
Lotteries permitted. -- (a) Any state,
city, town, ward, or district committee
elected pursuant to the provisions of title 17 or certified
candidates, but not both, as defined in
title 17, shall be allowed to conduct that lottery commonly
known as a "twenty (20) week club" or
conduct a raffle once within a twelve (12) month period
subsequent to notification to the Rhode
Island lottery commission. For the purposes of this section a "certified
candidate" does not
include any state, city, town, ward, or district committee
person.
(b) Credit unions may
conduct "savings promotion raffles" as authorized by section 19-5-
29.
SECTION 4. This act shall take effect upon passage.
=======
LC01777/SUB A
=======