Texas Finance Code

§ 280.003 — SAVINGS PROMOTION RAFFLE BY CREDIT UNION

FI § 280.003Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES · Ch. 280. SAVINGS PROMOTION RAFFLE

Statute text

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(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.

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Legislative history

Added by Acts 2017, 85th Leg., R.S., Ch. 978 (H.B. 471), Sec. 3, eff. November 7, 2017.