SB-0494, As Passed House, October 22, 2003SB-0494, As Passed Senate, October 16, 2003

SENATE BILL No. 494

May 15, 2003, Introduced by Senators LELAND, BASHAM, CASSIS, CHERRY, VAN WOERKOM, SANBORN, BARCIA, SCHAUER, THOMAS, CLARK-COLEMAN, BRATER, CLARKE, HAMMERSTROM, SCOTT, SWITALSKI, TOY, JACOBS and JELINEK and referred to the Committee on Banking and Financial Institutions.

                                                                             A bill to amend 1931 PA 328, entitled                                             

"The Michigan penal code,"                                                  

by amending sections 315a and 376a (MCL 750.315a and 750.376a),             

as added by 1982 PA 395.                                                    

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1       Sec. 315a.  This chapter  shall does not apply to a savings                

2   promotion raffle conducted by a  state chartered domestic credit           

3   union pursuant to section  4c of Act No. 285 of the Public Acts             

4   of 1925, being section 490.4c of the Michigan Compiled Laws 411            

5   of the credit union act or to a savings promotion raffle                    

6   conducted by a federally chartered credit union, a state or                 

7   nationally chartered bank, or a state or federally chartered                

8   savings and loan association  in compliance with section 4c of              

9   Act No. 285 of the Public Acts of 1925 that is conducted in the            

10  same manner as a raffle conducted by a domestic credit union                

1   under section 411 of the credit union act.                                  

2       Sec. 376a.  This chapter shall not apply to a savings                       

3   promotion raffle conducted by a  state chartered domestic credit           

4   union pursuant to section  4c of Act No. 285 of the Public Acts             

5   of 1925, being section 490.4c of the Michigan Compiled Laws 411            

6   of the credit union act or to a savings promotion raffle                    

7   conducted by a federally chartered credit union, a state or                 

8   nationally chartered bank, or a state or federally chartered                

9   savings and loan association  in compliance with section 4c of              

10  Act No. 285 of the Public Acts of 1925 that is conducted in the            

11  same manner as a raffle conducted by a domestic credit union                

12  under section 411 of the credit union act.                                  

13      Enacting section 1.  This amendatory act does not take                      

14  effect unless Senate Bill No. 496                                           

15                         of the 92nd Legislature is enacted into              

16  law.