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Assembly Bill A10487

2011-2012 Legislative Session

Authorizes credit unions to conduct savings promotion prize giveaways

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Archive: Last Bill Status - In Assembly Committee

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2011-A10487 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง456-a, Bank L

2011-A10487 (ACTIVE) - Summary

Authorizes credit unions to conduct savings promotion prize giveaways.

2011-A10487 (ACTIVE) - Bill Text download pdf 

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

                                  10487

                          I N  A S S E M B L Y

                              May 29, 2012
                               ___________

Introduced  by  M. of A. RAIA -- 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.
                                                           LBD16050-01-2

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