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An Act To Allow a Maine-chartered Financial Institution To Conduct a Savings Promotion Raffle
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  17 MRSA §330, sub-§6-A  is enacted to read:
 
6-A.  Savings promotion raffle.   "Savings promotion raffle" means a raffle in which the sole consideration required for a chance of winning the designated prizes in the raffle is the deposit of at least a specified amount of money into a savings account or other savings program offered by a financial institution or a credit union.
Sec. 2. 17 MRSA §331, sub-§6, ¶C, as repealed and replaced by PL 2001, c. 471, Pt. F, §4 and affected by §5, is amended to read:
 
C.  Any class or organization of an elementary, secondary or postsecondary educational institution operated or accredited by the State; or
Sec. 3. 17 MRSA §331, sub-§6, ¶D, as repealed and replaced by PL 2001, c. 471, Pt. F, §4 and affected by §5, is amended to read:
 
D.  Any state agency that conducts or operates a raffle for a donated item to benefit fish and wildlife conservation projects.; or
Sec. 4.  17 MRSA §331, sub-§6, ¶E  is enacted to read:
 
E.  A financial institution as defined in Title 9-B, section 131, subsection 17 that is organized under the laws of this State or a credit union as defined in Title 9-B, section 131, subsection 12 that is organized under the laws of this State if that financial institution or credit union conducts or operates a savings promotion raffle.
 
SUMMARY
This bill amends the laws governing raffles to allow any Maine-chartered financial institution, a bank or credit union, to conduct a savings promotion raffle. The sole consideration required for a chance of winning the designated prizes in the raffle is the deposit of at least a specified amount of money into a savings account or other savings program offered by the Maine-chartered financial institution.