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A BILL TO BE ENTITLED
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AN ACT
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relating to authorizing a credit union or other financial |
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institution to conduct savings promotion raffles. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 622, Business & Commerce |
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Code, is amended by adding Section 622.0545 to read as follows: |
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Sec. 622.0545. SAVINGS PROMOTION RAFFLE. This chapter does |
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not apply to a savings promotion raffle authorized under Chapter |
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279, Finance Code. |
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SECTION 2. Subtitle 2, Title 3, Finance Code, is amended by |
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adding Chapter 279 to read as follows: |
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CHAPTER 279. SAVINGS PROMOTION RAFFLE |
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Sec. 279.001. DEFINITIONS. In this chapter: |
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(1) "Credit union" has the meaning assigned by Section |
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121.002. |
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(2) "Deposit," with respect to a financial |
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institution, has the meaning assigned by Section 31.002. |
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(3) "Finance commission" means the Finance Commission |
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of Texas. |
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(4) "Financial institution" has the meaning assigned |
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by Section 31.002. |
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(5) "Savings promotion raffle" means a raffle |
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conducted by a credit union or financial institution in which the |
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sole action required for a chance of winning a designated prize is |
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the deposit of at least a specified amount of money in a savings |
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account or other savings program offered by the credit union or |
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financial institution. |
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Sec. 279.002. SAVINGS PROMOTION RAFFLE BY CREDIT UNION. (a) |
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A credit union may conduct a savings promotion raffle if: |
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(1) each ticket or token representing an entry in the |
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raffle has an equal probability of being drawn; and |
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(2) the raffle is conducted in a manner that: |
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(A) does not jeopardize the ability of the credit |
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union to operate in a safe and sound manner; and |
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(B) does not mislead the credit union's members. |
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(b) A credit union shall maintain all records the Credit |
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Union Commission determines are necessary to conduct an audit of a |
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savings promotion raffle by the Credit Union Department. |
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(c) The Credit Union Commission shall adopt rules and |
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procedures for the administration of this section. |
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(d) The provisions of this section applicable to a credit |
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union apply to an organization composed exclusively of credit |
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unions. |
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Sec. 279.003. SAVINGS PROMOTION RAFFLE BY CERTAIN FINANCIAL |
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INSTITUTIONS. (a) A financial institution may conduct a savings |
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promotion raffle if: |
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(1) each ticket or token representing an entry in the |
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raffle has an equal probability of being drawn; and |
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(2) the raffle is conducted in a manner that: |
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(A) does not jeopardize the ability of the |
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institution to operate in a safe and sound manner; and |
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(B) does not mislead the institution's |
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depositors. |
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(b) A financial institution that conducts a savings |
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promotion raffle under this section shall maintain all records the |
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finance commission determines are necessary to conduct an audit of |
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the raffle by the financial regulatory agency of this state having |
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regulatory jurisdiction over that financial institution. |
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(c) The provisions of this section applicable to a financial |
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institution apply to an organization composed exclusively of |
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financial institutions of the type approved by the finance |
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commission to conduct a savings promotion raffle under Subsection |
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(a). |
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(d) The finance commission shall adopt rules and procedures |
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for the administration of this section. |
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Sec. 279.004. ACCOUNT OR DEPOSIT NOT CONSIDERATION. For |
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purposes of Chapter 47, Penal Code, or other state law, opening or |
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making a deposit in an account is not considered a purchase, |
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payment, or provision of a thing of value for participation in a |
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savings promotion raffle and is not considered to require a |
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substantial expenditure of time, effort, or inconvenience. |
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SECTION 3. This Act takes effect September 1, 2015. |