October 27, 2015, Introduced by Reps. Love, Durhal, Darany, Geiss, Pagan, Byrd, Phelps, Neeley, Talabi, Singh, Banks, Dianda, Goike, Rutledge, Hovey-Wright, McCready, Iden, Muxlow, Lucido, Barrett, Theis, Clemente and Victory and referred to the Committee on Financial Services.
A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 411 (MCL 490.411).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 411. (1) If authorized by the credit union board, a
domestic credit union may conduct a loan or savings promotion
raffle. The domestic credit union shall conduct a loan or savings
promotion raffle so that each token or ticket representing an entry
in the raffle has an equal chance of being drawn. A domestic credit
union shall not conduct a loan or savings promotion raffle in a
manner that jeopardizes the domestic credit union's safety and
soundness or misleads its members.
(2) Pursuant to his or her supervisory powers under article 2,
the
commissioner director may examine the conduct of a loan or
savings
promotion raffle. The commissioner director may issue a
cease and desist order for a violation of this section under
article 2.
(3) A domestic credit union shall maintain records sufficient
to facilitate an audit of a loan or savings promotion raffle.
(4) As used in this section, "loan or savings promotion
raffle" means a raffle conducted by a domestic credit union where
the sole consideration required for a chance of winning designated
prizes
is the deposit of closing
on a loan of at least a specified
amount or depositing at least a specified amount of money in a
savings account or other savings program offered by the domestic
credit union.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.
Enacting section 2. This amendatory act does not take effect
unless all of the following bills of the 98th Legislature are
enacted into law:
(a) Senate Bill No. ____ or House Bill No. 5017 (request no.
02768'15).
(b) Senate Bill No. ____ or House Bill No. 5018 (request no.
02769'15).
(c) Senate Bill No. ____ or House Bill No. 5020 (request no.
02771'15).
(d) Senate Bill No. ____ or House Bill No. 5021 (request no.
02772'15).