Bill > S495

This bill, aiming to promote personal savings, introduces the concept of a "savings promotion raffle," which is defined as a raffle held by a financial institution where the only requirement to enter is depositing a minimum amount of money into a savings account or program. The bill amends existing laws (Chapter 167F and Chapter 171 of the General Laws) to allow banks and credit unions, respectively, to conduct these raffles, provided they ensure fair chances of winning, fully disclose all terms and conditions to account holders, and keep adequate records for auditing purposes. The bill also mandates that the commissioner will create necessary regulations to implement these provisions, essentially creating a new, regulated way for financial institutions to incentivize saving through prize drawings.