Tex.
Fin. Code Section 280.003
Savings Promotion Raffle by Credit Union
(a)
A credit union may conduct a savings promotion raffle if:(1)
each ticket or token representing an entry in the raffle has an equal probability of being drawn; and(2)
the raffle is conducted in a manner that:(A)
does not jeopardize the ability of the credit union to operate in a safe and sound manner; and(B)
does not mislead the credit union’s members.(b)
A credit union may not require consideration for participation in a savings promotion raffle. A deposit of an amount of money in a savings account or other savings program that results in an entry in a savings promotion raffle is not consideration.(c)
A credit union may not require a person to pay a premium or fee for opening or using a savings account or other savings program that is subject to a savings promotion raffle, unless the premium or fee is commensurate with the premium or fee that the credit union charges for opening or using comparable savings accounts or savings programs that are not subject to a savings promotion raffle.(d)
A credit union may not limit the withdrawal of money from a savings account or other savings program that is subject to a savings promotion raffle, unless the withdrawal limits are commensurate with the withdrawal limits that the credit union imposes on comparable savings accounts or savings programs that are not subject to a savings promotion raffle. This subsection does not prohibit a credit union from requiring a deposit of an amount of money to remain in a savings account or other savings program for a certain period of time in order for the deposit to represent an entry in a savings promotion raffle.(e)
A credit union shall pay interest or dividends on a savings account or other savings program that is subject to a savings promotion raffle at a rate that is commensurate with the interest or dividend rate that the credit union pays on comparable savings accounts or savings programs that are not subject to a savings promotion raffle.(f)
A credit union that conducts a savings promotion raffle under this section shall maintain all records that the Credit Union Commission determines are necessary for the Credit Union Department to examine the raffle.(g)
The provisions of this section applicable to a credit union apply to an organization composed exclusively of credit unions.(h)
The Credit Union Commission shall adopt rules and procedures for the administration of this section.
Source:
Section 280.003 — Savings Promotion Raffle by Credit Union, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.280.htm#280.003 (accessed Apr. 29, 2024).
