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Assembly Bill A4431

2013-2014 Legislative Session

Permits the offering of savings promotion raffles by authorized banking organizations

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Archive: Last Bill Status - Stricken

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Bill Amendments

co-Sponsors

multi-Sponsors

2013-A4431 - Details

Law Section:
Banking Law
Laws Affected:
Add §456-a, Bank L

2013-A4431 - Summary

Amends the banking law, in relation to permitting the offering of savings promotion raffles by authorized banking organizations.

2013-A4431 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4431

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 5, 2013
                               ___________

Introduced  by  M.  of  A. RAIA, MONTESANO, STEVENSON, ROBERTS -- Multi-
  Sponsored by -- M. of A.  KEARNS, McLAUGHLIN -- read once and referred
  to the Committee on Banks

AN ACT to amend the banking  law,  in  relation  to  authorizing  credit
  unions to conduct savings promotion prize giveaways

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The banking law is amended by adding a new section 456-a to
read as follows:
  S 456-A. SAVINGS PROMOTION PRIZE GIVEAWAY. 1. A CREDIT UNION MAY OFFER
A SAVINGS PROMOTION PRIZE  GIVEAWAY  IN  WHICH  THE  SOLE  CONSIDERATION
REQUIRED  FOR  A CHANCE OF WINNING DESIGNATED PRIZES IS THE DEPOSIT OF A
MINIMUM SPECIFIED AMOUNT OF MONEY IN A SAVINGS ACCOUNT OR OTHER  SAVINGS
PROGRAM OFFERED BY SUCH CREDIT UNION.
  2. SUCH CREDIT UNION SHALL:
  (A)  MAINTAIN RECORDS SUFFICIENT TO FACILITATE AN AUDIT OF THE SAVINGS
PROMOTION PRIZE GIVEAWAY BY THE SUPERINTENDENT;
  (B) CONDUCT THE SAVINGS PROMOTION PRIZE GIVEAWAY IN A  NON-MISLEADING,
SAFE AND SOUND MANNER; AND
  (C)  FULLY  DISCLOSE  THE  TERMS  AND  CONDITIONS  OF THE PROMOTION TO
ACCOUNT HOLDERS AND PROSPECTIVE ACCOUNT HOLDERS OF SUCH CREDIT UNION.
  3. SUCH CREDIT UNION SHALL INSURE THAT EACH TOKEN OR TICKET REPRESENT-
ING AN ENTRY IN SUCH SAVINGS  PROMOTION  PRIZE  GIVEAWAY  HAS  AN  EQUAL
CHANCE OF BEING DRAWN.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05287-01-3

co-Sponsors

multi-Sponsors

2013-A4431A (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Add §456-a, Bank L

2013-A4431A (ACTIVE) - Summary

Amends the banking law, in relation to permitting the offering of savings promotion raffles by authorized banking organizations.

2013-A4431A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4431--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 5, 2013
                               ___________

Introduced by M. of A. RAIA, MONTESANO, STEVENSON, ROBERTS, GRAF, BOREL-
  LI, LALOR -- Multi-Sponsored by -- M. of A. KEARNS, McLAUGHLIN, TENNEY
  --  read  once  and  referred  to  the Committee on Banks -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the banking  law,  in  relation  to  authorizing  credit
  unions to conduct savings promotion prize giveaways

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The banking law is amended by adding a new section  9-v  to
read as follows:
  S  9-V.    SAVINGS  PROMOTION PRIZE GIVEAWAY.   A BANKING ORGANIZATION
ORGANIZED UNDER OR SUBJECT TO THE PROVISIONS OF THIS CHAPTER MAY CONDUCT
A SAVINGS PROMOTION IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION.
  1. DEFINITIONS. AS USED IN THIS SECTION THE FOLLOWING TERMS SHALL HAVE
THE FOLLOWING MEANINGS:
  A. THE TERM "SAVINGS PROMOTION" MEANS A CONTEST OR PROMOTION SPONSORED
BY A BANKING ORGANIZATION IN WHICH A CHANCE OF WINNING DESIGNATED PRIZES
IS OBTAINED BY THE DEPOSIT OF A SPECIFIED AMOUNT OF MONEY IN  A  SAVINGS
ACCOUNT,  SHARE  ACCOUNT, SHARE CERTIFICATE, OR OTHER SAVINGS PRODUCT OR
PROGRAM.
  B. THE TERM  "QUALIFYING  ACCOUNT"  MEANS  A  SAVINGS  ACCOUNT,  SHARE
ACCOUNT,  SHARE CERTIFICATE, OR OTHER SAVINGS PRODUCT OR PROGRAM OFFERED
BY A BANKING ORGANIZATION THROUGH WHICH DEPOSITORS MAY OBTAIN CHANCES TO
WIN PRIZES IN A SAVINGS PROMOTION BY DEPOSITING SPECIFIED SUMS OF MONEY.
  C. THE TERM "NON-QUALIFYING ACCOUNT" MEANS A  SAVINGS  ACCOUNT,  SHARE
ACCOUNT,  CERTIFICATE  OF  DEPOSIT,  OR OTHER SAVINGS PRODUCT OR PROGRAM
OFFERED BY A BANKING ORGANIZATION THAT IS NOT A QUALIFYING ACCOUNT.
  2. RULES OF OPERATION. A. PARTICIPANTS IN A  SAVINGS  PROMOTION  SHALL
NOT  BE REQUIRED TO PROVIDE ANY CONSIDERATION IN ORDER TO OBTAIN ENTRIES
TO WIN. FOR PURPOSES OF THIS PARAGRAPH, PARTICIPANTS SHALL NOT BE DEEMED

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05287-02-3

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