senate Bill S5145

Vetoed By Governor
2013-2014 Legislative Session

Permits the offering of savings promotion raffles by authorized banking organizations

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Archive: Last Bill Status - Vetoed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 27, 2013 vetoed memo.229
Sep 17, 2013 delivered to governor
Jun 18, 2013 returned to senate
passed assembly
ordered to third reading rules cal.353
substituted for a7341
Jun 10, 2013 referred to banks
delivered to assembly
passed senate
Jun 03, 2013 advanced to third reading
May 30, 2013 2nd report cal.
May 29, 2013 1st report cal.769
May 10, 2013 referred to banks

Votes

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S5145 - Details

See Assembly Version of this Bill:
A7341
Law Section:
Banking Law
Laws Affected:
Add §9-v, amd §§96, 234, 383 & 454, Bank L

S5145 - Summary

Relates to permitting the offering of savings promotion raffles by authorized banking organizations.

S5145 - Sponsor Memo

S5145 - Bill Text download pdf

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

                                  5145

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 10, 2013
                               ___________

Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
  printed to be committed 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  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,
TO THE EXTENT IT IS NOT PROHIBITED BY FEDERAL LAW OR REGULATION.
  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
TO  HAVE PROVIDED CONSIDERATION DUE TO THE REQUIREMENT THAT THEY DEPOSIT
MONEY IN A QUALIFYING ACCOUNT TO OBTAIN ENTRIES TO WIN, SO LONG AS:  (I)

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10869-01-3

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